In 700 folders of files, prosecutors accuse Mr Braun of knowingly presenting fabricated financial results to make his firm appear more successful than it was, using phantom profits backed by counterfeit documents from partner companies in Singapore, the Philippines and Dubai.Founded in 1999, Munich-based Wirecard became a darling of the German tech scene, transforming itself from a payment back-end for porn and gambling websites to a mainstream electronic payments provider with a DAX listing.
The FT claims proved largely true and a June 2020 audit revealed that €1.9 billion in Wirecard accounts – based on trustee accounts in the Philippines – did not appear to exist. Wirecard filed for insolvency soon after, the first DAX company to do so, and ceased trading. Watching the trial particularly closely will be Wirecard creditors and EY, the company’s auditor. It denies claims that it ignored warning signals and contributed to the corporate cover-up, insisting its accountants were deceived by Mr Braun and his managers.
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