The activities surrounding the Wirecard saga is still unraveling, as top financial authorities in Canada are accusing two companies of account falsification and failure to obtain a proper license while doing trust business.
A recent report reveals that Senjo and Citadella are being investigated over account falsification and carrying out a trust business without a proper license.
The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police are leading the joint investigation of Senjo Group Pte Ltd and Citadelle Corporate Services Pte Ltd. Both companies are suspects in unlicensed trust business as well as account falsification under the Penal Code (Cap 224).
Wirecard saga still unraveling
The investigation is coming after both Canada’s corporate regulatory authority and MAS announced they were partnering to investigate recent activities relating to Wildcard AG saga. The investigation may have revealed some unscrupulous activities related to finance and license committed by both companies. MAS announced the investigation last week.
Citadelle not registered to offer trust services
In the course of the investigation, MAS and CAD demanded records and documents from both Senjo and Citadelle and interviewed some employees in both companies and others involved in the section the investigative units are interested in.
MAS also revealed it’s aware of media reports claiming that Wirecard engaged Citadelle as a trustee to handle monies.
However, MAS explained that any trusted service in Singapore must have to register with the right regulatory authority as provided in the Trust Companies Act. But Citadelle is not supervised by MAS and is not licensed to provide such service in the country, the report noted.
As a result, MAS has already included Citadelle on its website at the Investor Alert section, warning any investor to stay away from the firm and desist from doing business with them.
The main business activity of Wirecard in Singapore is to help companies issue pre-paid cards to their customers and to process payments for merchants. Currently, the services Wirecard provides in Singapore are not licensed, although the law allows such for a minimum of 6 months as a grace period. Wirecard has not exceeded that grace period yet before its current liquidation debacle.