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Wirecard says that all the subsidiaries are controlled, the denial of the FT report

FILE PHOTO: The head office of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment systems is to see in Aschheim near Munich, Germany-September 6, 2018. REUTERS/Michael Dalder

FRANKFURT (Reuters) – the German digital payments company Wirecard on Wednesday said all of its subsidiaries are subject to periodic audits, denying a Financial Times report.

The FT cited whistleblowers as to say that the accounts of Wirecard the largest business, Card Systems Middle East in Dubai, were not audited in 2016 and 2017.

“All of the subsidiaries of Wirecard, including Card Systems in the Middle East, are subject to regular control procedures, including but not limited to quarterly and annual audits,” the company said.

The FT added that almost all of Wirecard the reported gains from the three partner companies in recent years and that much of the profit from these entities were recorded by the Card Systems, citing documents obtained.

Wirecard said that the FT-story included “many false and misleading statements.” The company’s shares closed 8.5 percent higher, paring earlier gains of as much as 15.5 percent. The japanese Softbank Group Corp earlier Wednesday said it would invest around 900 million euros ($1 billion) in Wirecard, giving it the ability to acquire a 5.6 percent of the shares.

Reporting by Ludwig Burger; Editing by David Goodman and Jane Merriman

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