SINGAPORE: Singapore authorities said they have launched an investigation into Citadelle Corporate Services, Senjo Group and its subsidiaries after scrutinising collapsed German payments firm Wirecard’s 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.
Citadelle on its website says it provides company formation and administration services for small to medium-sized private limited companies, while Senjō describes itself as a new type of global payments operator and fintech investor.
MAS said last week it was working with the CAD and Singapore’s accounting regulator to scrutinise local operations of Wirecard, which filed for insolvency last month. – July 3, 2020, Reuters
