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Wirecard Says KPMG Finds No Manipulation In Financial Statements

Wirecard AG (WRCDF.PK) said auditing firm KPMG did not find any manipulation in its audit of the company's operations in India, Singapore, the Merchant Cash Advance and Digital Lending division. But, the investigation of third-party partner business is still ongoing.

Accordingly, the company has decided to postpone publication of the annual financial statements to April 30, 2020 from April 8, 2020.

The largely completed special investigation has not produced any substantial findings that would lead to a need for correction of the annual financial statements for the 2016, 2017 and 2018 investigation periods, the company said in a statement.

The investigation of third-party partner business (TPA) is still ongoing and is currently expected to be completed by 22 April 2020. The time frame of the special investigation must also be extended due to current corona virus-related travel restrictions, especially in Asian countries.

Since October 2019, KPMG has been conducting a special audit on behalf of Wirecard AG in order to clarify the accusations of balance sheet manipulation made against the company by media.

The accusations made against the business activities of Wirecard AG on Indian territory (EMIF1A / Hermes i-Tickets Private Ltd), in the city-state of Singapore as well as the business segments of pre-financing of receivables (Merchant Cash Advance (MCA) / Digital Lending) and third-party partner business (3rd Party Acquiring / TPA) are being investigated.

Wirecard said it will publish the complete KPMG investigation report on its homepage in the "Transparency" section immediately upon receipt.

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