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After Wirecard review, Singapore launches probe into Citadelle, Senjo Group

Stock MarketsJul 03, 2020 08:35AM ET
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© Reuters. FILE PHOTO: The logo of Wirecard AG is pictured at its headquarters in Aschheim

SINGAPORE (Reuters) - Singapore authorities said they launched an investigation into Citadelle Corporate Services, Senjo Group and its subsidiaries after scrutinising collapsed German payments firm Wirecard's (DE:WDIG) local operations.

The investigation was for "suspected falsification of accounts," and "for carrying on a trust business without a licence", the Commercial Affairs Department (CAD) - the police unit that deals with white collar crime - and the Monetary Authority of Singapore said in a statement on Friday.

Emails sent to Senjo Group and Citadelle to the addresses listed on their websites could not be delivered. Wirecard said it was not making any statements at this time.

Last week, the central bank (MAS) said it is working with the CAD to scrutinise Wirecard's local operations.

"The review surfaced reasons to suspect that offences may have been committed," the authorities said on Friday.

As part of the investigation, CAD and MAS have obtained documents and records from Citadelle and Senjo, and have interviewed persons involved in the companies.

Senjo's website says it is a payments operator, while Citadelle provides company formation and administration services.

After Wirecard review, Singapore launches probe into Citadelle, Senjo Group
 

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