Wirecard has «lost contact» with an executive who is suspected of fraudulent transactions at the firm, according to court filings by Singapore prosecutors.
Fintech firm Wirecard has lost touch with its senior executive Edo Kurniawan, who is allegedly central to the group's scandal, led the group's accounting in the Asia-Pacific region since February 9.
«We are co-operating fully with the Commercial Affairs Department (CAD) and are convinced that the whole matter will be resolved very quickly,» said Wirecard, who was quoted in the «Financial Times» (behind paywall). It declined to comment further as legal procedures were ongoing.
The Financial Times published the first report on suspected accounting irregularities at Wirecard and Kurniawan's alleged key role in the case.
Case Thrown Out
Wirecard had requested for certain proof such as archived emails and accounting documents to be returned, and that future requests for documents be limited to matters linked to the allegations.
However, public prosecutors for the police's CAD argued Wirecard's criminal law motions had «No legal basis» and were an «abuse of process ... because they seek to unlawfully limit the investigations of CAD». Justice agreed there was a lack of legal basis for Wirecard's motions and dismissed the case, but added that the production of «All documents» on the fintech firm's part was not justified, as per a report in the Straits Times.
Six Wirecard Employees Suspected
Prosecutors' submissions showed that there are six Wirecard employees suspected of «Arrestable offences». They are Kurniawan plus two senior finance executives - James Wardhana and Irene Chai; managing directors Fook Sun Ng, Jeffry Ho Kok Hoong; and lastly, Grigory Kuznetsov which led Wirecard's payment services licensing in Asia.
According to court submissions, police are probing many firms, including Matrimonial Global and Flexi Flex, to which Wirecard entities in Hong Kong, Indonesia, Singapore and Malaysia allegedly issued backdated sales agreements.
