Second executive arrested in Wirecard scandal in Germany

  • 📰 CTVNews
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 99%

Canada Headlines News

Canada Latest News,Canada Headlines

Another executive with bankrupt payment company Wirecard has been arrested in Germany on suspicion of aggravated fraud, prosecutors said Monday. The suspect, the head of a company subsidiary in Dubai, had returned to Germany to face proceedings.

The arrest comes after former CEO Markus Braun was taken into custody on June 23 on charges of market manipulation and falsifying financial results and released on bail.

Wirecard, once a high-flying star of the burgeoning financial technology centre, filed for protection from creditors through an insolvency proceeding on June 25 after executives admitted that 1.9 billion euros that had been represented as being held in trust accounts in the Philippines in fact did not exist. The company said it is investigating the scope of its business handling payments through regional third parties, a major source of profits, and how that business was being conducted.

Prosecutors in the German city of Munich said in a statement that the suspect arrested Monday, who was not named in the news release, would be brought before a judge the same day. Bail and conditions of release are typically decided at such appearances. The Wirecard debacle has let to questions about the effectiveness of German financial regulation and has been viewed as a setback for the investment climate and attempts to promote the country as a base for financial services companies. German Finance Minister Olaf Scholz has announced plans to restructure financial services regulator BaFin, saying the entity must be given a broader mandate to check company finances.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Two top Ubisoft execs leave during sexual harassment probeTwo top executives from one of the world's largest gaming companies have left the firm during an investigation into allegations of sexual harassment and abuse. The word “probe” seems misplaced in a headline for sexual harassment.
Source: CTVNews - 🏆 1. / 99 Read more »

Ubisoft shakes up executive ranks, begins process to deal with harassmentA Paris-based game software developer with offices in several Canadian cities is making changes in response to complaints against several executives, including a vice-president based in Toronto. Ubiharsh Panic. And if your mind is not open enough smoke Trudeau's weed.....it's the only way you can vote liberal...
Source: CTVNews - 🏆 1. / 99 Read more »

Family Fun in the Sun: Consider these used convertibles this summerThe Boxster, Wrangler, and Mustang draw lots of second-hand shoppers looking for topless good times, and the latter two even have room for the kids
Source: nationalpost - 🏆 10. / 80 Read more »

Final two Windsor-Essex communities to reopen Tuesday, putting all Ontario in Stage 2Most of Windsor-Essex, except for the two towns, moved to the second stage of reopening on June 25 after being held back because of the farm outbreaks
Source: globeandmail - 🏆 5. / 92 Read more »

British police use 'EncroChat' breach to arrest more than 700 alleged 'kingpin' criminalsOver the last three months, British police forces from across the United Kingdom have made more than 700 arrests of alleged 'kingpin' criminals following a massive breakthrough by law enforcement into the dealings of organized crime within the U.K. Lock’em up and put them BUMS where they belong!! Get them all! bal4_rednirus The 'kingpins': those developers are going to GET IT...💀
Source: CTVNews - 🏆 1. / 99 Read more »