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FILE PHOTO: People pbad by the Wirecard booth at the Gamescom Computer Games Fair in Cologne, Germany on August 22, 2018. REUTERS / Wolfgang Rattay
FRANKFURT (Reuters) – Wirecard announced on Monday that an outside law firm has been hired to investigate the actions of a member of its financial team in Singapore and had concluded no conclusive finding of criminal conduct on the part of any employee of the company.
The payment company has challenged Financial Times reports of alleged financial irregularities, which had dropped its shares by 40 percent since Jan. 30.
Wirecard said that in April 2018, a member of his Singapore team had expressed concerns about the alleged actions of a member of the Singapore finance team.
The company then opened an investigation, which revealed no evidence to support the allegations. "In addition, there were indications that the allegations could be related to personal animosity between the employees involved," the company said.
Nevertheless, Wirecard has hired the Rajah & Tann law firm for a review that is about to be completed, but has so far not reported findings of misconduct, said the electronic payment company .
Report by Arno Schuetze, edited by Tbadilo Hummel
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