What are express and implied contracts?
Backdating contracts is a somewhat common practice. However, backdating a contract should not be done lightly because it easily can be considered a criminal. There's nothing inherently illegal or unethical about backdating contracts, although backdating can certainly be both unethical and illegal. Perhaps the most common form of backdating is “as of” dates. Frequently, the beginning of a contract will state it is entered into “as of” a certain. Contracts can be made orally or in writing. Typically contracts will be made in writing, on the basis that this provides a written record of the terms of the contract.
A senior Wirecard executive located in Singapore was accused of backdating contracts and other acts of forgery including falsifying accounts and money laundering, throughout the time period of to When the market learned the truth about Wirecard, investors suffered damages.