April 28, 2020 / 12:57 PM / a month ago

Wirecard shares down 24% as CEO briefs analysts on KPMG audit

FILE PHOTO: Markus Braun, CEO of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions attends the company's annual news conference in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

BERLIN (Reuters) - Shares in German payments company Wirecard (WDIG.DE) extended losses to trade 24% lower on Tuesday as CEO Markus Braun briefed analysts on the results of an independent audit by KPMG into its accounting practices.

Braun said the KPMG audit had found that allegations of accounting irregularities made by the Financial Times in a series of reports were “not true, full stop”.

He struggled, however, to address persistent questioning by analysts on Wirecard’s accounting for its relationship with third-party acquirers.

KPMG said in its audit it was not able to conclude whether these revenues did or did not exist for the years 2016-18 while it was still looking into 2019.

Reporting by Douglas Busvine; Editing by Michelle Martin

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