How Wirecard and German regulators went after the Financial Times
Chris Bryant of Bloomberg Opinion writes about how German tech company Wirecard criticized coverage — now proven to be accurate — of the company by the Financial Times.
Bryant writes, “The company has for months been engaged in a war of words with the Financial Times newspaper and short sellers, who queried its accounting practices and the role of third parties used by Wirecard in countries where it lacked a license to operate.
“For outsiders not privy to internal documents, the complexity and opacity of Wirecard’s business made it difficult to pass judgment. Nevertheless, the FT’s reporting raised sufficient doubts to warrant further investigation. Police in Singapore launched a probe.
“And yet, German prosecutors chose to investigate an FT journalist, and Wirecard’s regulator Bafin temporarily banned investors from shorting the stock last year. Instead of demonstrating diligence, Germany tried to shoot the messenger.”
Read more here.