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Wirecard Slumps After Report on Executive Suspected of Fraud

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Wirecard AG shares dropped as much as 25 percent after a report that a senior executive at the payments company was suspected of using forged contracts for several suspicious transactions.

An internal presentation last year described potentially fraudulent flows of money at the company, the Financial Times reported, citing a copy of the document. The transactions were allegedly ordered by an executive who oversees Wirecard’s accounting in the Asia-Pacific region, according to the FT.