Wirecard’s #Dubai business partner enters liquidation | Financial Times

Wirecard’s Dubai business partner enters liquidation | Financial Times:

Wirecard’s most significant business partner of recent years, a Dubai business central to whistleblower allegations that the German payments group fraudulently inflated sales and profits, has announced its liquidation. 

The liquidation of payment processor Al Alam Solution Provider comes after KPMG said late last month that it could not verify that large portions of Wirecard revenues and profits were genuine. 

Shares in Wirecard plunged as much as 16 per cent on Friday, to €73, after the short seller MCA Mathematik drew attention to the liquidation on Twitter, and Deutsche Bank separately suspended its investment rating on Wirecard.

Al Alam was a Dubai payment processor to which Wirecard referred customers, according to KPMG’s special audit of the German group.