Wirecard shares plunge due to the closure of a Dubai-based partner





Wirecard shares fell to their lowest level in more than two years on Friday, after a Dubai-based business partner closed, even with the German payments company downplaying the impact on operations.

The shares went down after a tweet that indicated a liquidation notice dated May 11 in the Dubai-based Gulf Today newspaper from Dubai-based Al-Alam, and one of the newspaper’s employees confirmed the notice was published in its printed version.

Al-Elm is one of Aircard’s network engineering partners for payment operations.

A Wirecard spokeswoman said the company was aware of the closure and said it would not affect its ability to manage operations, as it had reduced its reliance on third-party partners.

The move comes after allegations from the “Financial Times” regarding accounting irregularities and violations of disclosure by “WIRCARD”, some of which include foreign subsidiaries and third-party business partners.

Wirecard has repeatedly denied the allegations, and Al-Alam was one of the companies that the Financial Times named as a third-party trading partner.

“The flag” “will have a response to the destruction of its reputation by publicly questioning its integrity,” a Wiercard spokeswoman said in a statement emailed.

Al-Alam did not respond to two requests to comment by phone and e-mail outside the normal working hours.

The stock closed 7.6 percent lower as the biggest loser on the German leading stock index, DAX 30.

Source: Reuters


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