Financial Accounting News

Wirecard CEO Share Purchase Draws German Regulatory Scrutiny (1)

May 29, 2020, 2:03 PM

German financial markets regulator BaFin is reviewing whether Wirecard AG Chief Executive Officer Markus Braun’s stock purchase in the payments company violated market abuse rules, according to a spokeswoman.

The review adds to the controversy about the company and allegations of its accounting practices brought forward by a series of articles in the Financial Times.

Shares in Wirecard fell as much as 3.7% in Frankfurt.

Wirecard AG has put off the publication of its 2019 financial results for the third time after the company’s auditor said it hadn’t yet completed its review. While Ernst & Young told the company...

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