Singapore Investigates Two Firms for Falsification of Accounts in Regards to Wirecard Fraud

Wirecard AG (WDI:DE), once a prominent payments Fintech and now a financial debacle due to allegations of massive fraud, continues to try and find a way to survive. Meanwhile, shares in the firm have tanked dropping from over €100/share to now around €3/share as the firm has lost about 97% of its value while filing for insolvency.

Today, we a bit more news as authorities in Singapore have initiated an investigation into two firms that may have been involved in the Wirecard fraud.

According to the Monetary Authority of Singapore (MAS) and the Singapore Police Force, a joint investigation has been launched into Citadelle Corporate Services Pte Ltd and Senjo Group Pte Ltd and its subsidiaries for “suspected falsification of accounts under the Penal Code (Cap 224), as well as carrying on a trust business without a license under the Trust Companies Act (Cap 336).”

The Singapore government states that the investigation follows the announcement on 29 June 2020 that MAS and the Accounting and Corporate Regulatory Authority are collaborating with the Commercial Affairs Department (CAD) of the Singapore Police Force to investigate recent developments relating to Wirecard AG.

Reportedly, the government review has surfaced reasons to suspect that offenses may have been committed in regard to the Wirecard scandal. As part of the investigation, CAD and MAS state they have obtained documents and records from Citadelle and Senjo, and have interviewed persons involved in the companies.

MAS said it is aware of media reports alleging that Citadelle has handled monies for Wirecard in a trustee capacity. The provision of trust services as a business in Singapore is an activity regulated by MAS under the Trust Companies Act. Citadelle is not licensed to provide trust business services in Singapore and is not supervised by MAS. MAS has listed Citadelle on the Investor Alert List on its website.

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