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Corporate statement regarding the filing of complaint of Short Seller TCI
TCI is not a shareholder of Wirecard AG, but is active as a short seller. Wirecard therefore regards the filing as a purely tactical manoeuvre of a short seller. In terms of content, we consider the complaint to be completely unfounded.
Wirecard AG: Statement on Al Alam
Wirecard AG is convinced that the change in corporate structure made public by Al Alam on May 11, 2020, is an unobtrusive process.
During discussions at an on-site meeting in March 2020 at the company's offices in Dubai with the managing partner of Al Alam Solution Provider FZ LLC and in the presence of members of KPMG's special investigation team, it was explained that the company was rebranding and relocating its headquarters in Dubai due to negative press reports. The rebranded company is licensed and subject to regulation by the United Arab Emirates.
The business relationship between Wirecard and Al Alam has existed since 2013 and Wirecard assumes that the ownership structure will remain unchanged in future.
Wirecard AG statement regarding business partner Al Alam
Wirecard AG has been informed by its business partner Al Alam that the company is transferring its business to other group companies within its umbrella organization and that the company Al Alam Solution Provider FZ LLC will be closed. The company is thus reacting to the damage to its reputation caused by its integrity being publicly called into question.
Wirecard AG will not suffer any impairment of its processing capability or transaction volumes as a result of this transferal to another company.
Wirecard AG had already announced its intention to increasingly apply for its own licenses in future and to reduce the volume of business with third-party partners.
TILP lawsuit against Wirecard AG
Wirecard AG firmly rejects the accusations made by the plaintiff's law firm TILP and the claims for damages asserted. Wirecard has at all times communicated to the best of its knowledge and belief and in accordance with the statutory information obligations. Wirecard is cooperating with BaFin in the analysis of the facts. The company will defend itself against the lawsuit that has been filed and is calmly awaiting the outcome of the proceedings.
Wirecard AG is in regular contact with the BaFin and cooperates in all information requests. The company is aware that the publication of the KPMG report and subsequent price movements are generally analyzed by BaFin. Wirecard is convinced that it has at all times communicated to the best of its knowledge and belief and in accordance with the statutory information requirements.
Key aspects of the KPMG report on the independent special review of Wirecard AG
Wirecard AG bears responsibility. As a financial infrastructure company for payment processing, the company ensures the reliability of cashless payment processes worldwide, thus contributing an important component to the development of the digitized society. Internationally, the importance of digital payment and online commerce is growing steadily among all social classes and is particularly noticeable in these times of restricted personal freedom of movement due to the corona virus. This would not be possible without the digital financial infrastructure behind it.
Statements by Thomas Eichelmann, our new Chairman of the Supervisory Board
KPMG is focusing primarily on the issues that were criticized repeatedly in the press, including in Singapore and Dubai. They aim to finish those investigations by the end of March. I leave you to draw your own conclusions from the fact that we have not yet issued an ad hoc announcement.”
Related to the Supervisory Board
However, it is also true that we could greatly benefit from increased capacity and competence on the Supervisory Board to support the Management Board critically and constructively into the next phase.”
“Wirecard is growing extensively in Asia and is also to expand in the USA. So we are considering whether we need even more international experience and expertise. And because I am not supposed to be Chairman of the Supervisory Board and Chairman of the Audit Committee at the same time, we would like to fill the latter position until the Annual General Meeting takes place, as we need more financial expertise.”
Related to the Management Board
But independent of currently active members of the Management Board, we are wondering whether we should expand the Management Board.”
“What matters to me is what the people involved do for the company and whether they fulfill their duties.”
“But, of course, the discussions about the contract extensions and the expansion of the Management Board also lead us to discuss the division of responsibilities.”
Let me just say this: Where we are not already, we will become fully state of the art, and we will continue to do everything necessary to achieve this.”