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2020-05-16

Wirecard shares fell to lows for more than 2 years on Friday after a business partner in Dubai shuts doors

Image:-Wirecard

Wirecard shares fell to more than two-year lows on Friday after a Dubai-based business partner closed its doors, even as the German payment company played down the operational impact.

The shares dropped after a tweet pointed to Dubai-based Al Alam Solution Provider FZ's May 11 liquidation notice in the newspaper Gulf Today. A newspaper employee confirmed the notice was published in their print edition.

Al Alam was one of the payment transactions routing partners at Wirecard.

A spokeswoman for Wirecard said the company was aware of the closure of the company and said it would not affect its ability to handle transactions because it has reduced its reliance on third-party partners.

The move comes after Wirecard allegations of accounting irregularities and disclosure breaches by the Financial Times, some of which involve foreign subsidiaries and third party business partners.

Wirecard has denied repeated allegations. Al Al Alam was one of the companies that was named third party business partner by the FT.

Al Alam "reacts to the damage caused by the public questioning of its integrity to its reputation," the Wirecard spokeswoman said in an emailed statement.

Al Alam did not respond to telephone and email requests for comments outside normal business hours.

Shares closed 7.6 percent lower, Germany's biggest blue-chip DAX 30.GDAXI index faller.

Article Edited by | John Heine |

Jhon is an incredibly talented freelance writer. He has been working of about 18 months as a reporter for some internet based print-based newspapers. He brings together significant news reports from the Technology and entertainment areas. we hope you're doing well if you see any inappropriate phrases please let us know on our contact page at the bottom. thank you!    .

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