Singapore director faces more charges in Wirecard scandal

Widening case: A stockbroker sits in front of a screen with news about Wirecard at the Frankfurt Stock Exchange. The Wirecard scandal has continued to widen and now threatens to engulf top politicians, regulators and auditors in Germany. — AP

SINGAPORE: Singapore authorities have added two additional charges against the director of a local accounting firm in relation to the case tied to disgraced German payments company Wirecard AG.

R. Shanmugaratnam, a director of Citadelle Corporate Services Pte Ltd, was charged with “wilfully and with intent to defraud” falsifying letters to Wirecard UK & Ireland, and Cardsystems Middle East FZ LLC, that the Singapore firm held tens of millions in euros in escrow accounts, according to charge sheets filed on Wednesday and seen by Bloomberg News.