Tuesday, 2 March 2021
A series of controversial deals that took place before Wirecard AG purchased an Indian business appeared to be an “evolving international fraud”, a panel of London judges has said.
The transactions in 2015 are being scrutinised in courts in London and Chennai, with the former minority holders of Hermes I-Tickets saying they were cheated of millions of dollars. They allege that they were duped into selling their stake in the business to the company’s majority shareholders only to see it sold on again at a vastly inflated price to Wirecard.
On Monday, UK appellate judges said that the minority shareholders were right to be suspicious of the “substantial” misrepresentations told by one of the purchasers as they overturned part of a lower court ruling.
“It was a continuing fraud because of the concerns and suspicions of the” minority shareholders, the judges said.