Reuters, 23 July 2019
FRANKFURT (Reuters) – The Financial Times has hired a law firm to review its investigations into German payments company Wirecard (WDIG.DE), which has sued the newspaper over a series of reports alleging accounting irregularities.
The FT’s reporting, citing a whistleblower’s claims of fraud and creative accounting at Wirecard’s Singapore office, wiped up to $10 billion off Wirecard’s market value and triggered a police investigation in the Asian state.
Wirecard denies the allegations and has filed a suit at the Munich regional court against both the FT and its lead reporter on the stories, Dan McCrum, seeking a ruling on the merits of its case. If successful, the company would then press for financial redress.