Article: Wirecard – what KPMG’s report found

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Wirecard: what KPMG’s report found

The payments group had predicted vindication from a special audit — it did not arrive

Dan McCrum and Olaf Storbeck

Financial Times, 29 April 2020

For months Wirecard had confidently predicted that KPMG would vindicate its accounting and deliver a final riposte to its sceptics. Instead, the publication on Tuesday of a report from the accounting firm caused shares in the Dax 30 company to crash 26 per cent as investors learnt that KPMG’s investigators had faced obstacles in their attempts to verify that large parts of the business were real, and publication of full-year results would be delayed again. The shares fell another 7 per cent on Wednesday.

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