WIRECARD forged client data in its efforts to secure €900m (£760m) in investment from Japanese conglomerate Softbank as it sought to reassure investors about the fundamentals of its business before it collapsed the following year, it was reported yesterday.

The forgery came after Softbank asked to see Wirecard's client data as part of its due diligence process, after the Japanese investor's suspicions were piqued by Financial Times (FT) reports casting doubt over its Asian business, the FT reported.

The FT previously cast doubt over the fact that half of Wirecard's revenues and almost all of the firm's operating profits came from obscure outsourcing partners in Manila, Singapore, and Dubai.

Although Wirecard initially refused to show Softbank its client list, claiming confidentiality, the firm later invited representatives from the Japanese investor to come and view a forged list in its Munich headquarters, as it sought to seal the deal in its bid to cast aside the FT's claims.

The Japanese investment manager later invested €900m into Wirecard.

Softbank's investment later helped Wirecard raise another €500m in debt, before the firm collapsed in 2020 following the discovery of a €1.9bn hole in its balance sheet.

Wirecard chief exec Markus Braun along two other ex-managers are now likely to face a trial later this year. Braun denies all wrongdoing,

(c) 2022 City A.M., source Newspaper