MAS, CAD issue joint probe on Citadelle, Senjo over Wirecard mishap

Both firms are also being probed over carrying on a trust business without a licence.

The Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) have launched a joint investigation into Citadelle Corporate Services (Citadelle), Senjo Group and its subsidiaries (Senjo) for suspected falsification of accounts in relation to the Wirecard fraud scandal, a press release revealed.

The two firms are also probed over carrying on a trust business without a licence under the Trust Companies Act.

This follows after MAS, CAD and the Accounting and Corporate Regulatory Authority launched a joint investigation on Wirecard AG. The review surfaced reasons to suspect that offences may have been committed as CAD and MAS obtained documents and records from Citadelle and Senjo. They have interviewed persons involved in the companies.

“MAS is aware of media reports alleging that Citadelle has handled monies for Wirecard in a trustee capacity. The provision of trust services as a business in Singapore is an activity regulated by MAS under the Trust Companies Act. Citadelle is not licensed to provide trust business services in Singapore, and is not supervised by MAS,” the joint statement said.

The central bank has already listed Citadelle on the Investor Alert List on its website.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia