Wirecard fraud trial opens in Germany, with ex-CEO and two former executives on the dock

Wirecard's former boss and major shareholder Markus Braun Image: Alamy Stock Photo GERMANY’S MAMMOTH WIRECARD fraud trial opens today, with ex-CEO Markus Braun and two former executives in the dock over their roles in the country’s biggest-ever accounting scandal.

Notably absent from the courtroom will be Wirecard’s former chief operating officer Jan Marsalek, a shadowy figure with ties to foreign intelligence agencies. The 53-year-old denies the allegations and claims to be a victim of the fraud, painting Marsalek as the mastermind. But “all the accused knew” that the revenues from these TPA businesses “didn’t exist”, the indictment reads, adding that the defendants used forged documents to hide the trickery.

A favourite with investors, it entered Germany’s blue-chip DAX index in 2018 and at its peak was valued at more than 24 billion euros, outweighing giant Deutsche Bank.FT investigation The cash, which made up a quarter of Wirecard’s balance sheet, was meant to be sitting in trustee accounts at two banks in the Philippines.

Ireland Latest News, Ireland Headlines

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

Germany braces as Wirecard boss Markus Braun goes on trial in MunichCollapse of fintech amid allegations of fraud is major embarrassment for German banking regulator and politicians
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Wirecard on trial in Germany's biggest fraud trialFormer Wirecard executives go on trial this week, two years after the collapse of the payments company that produced Germany's biggest post-war fraud scandal and sent shockwaves through the country's political and financial establishment.
Source: RTEbusiness - 🏆 16. / 61 Read more »

Former Wirecard boss goes on trial in fraud scandalThe trial begins today of the former Wirecard chief executive who steered the payments company through its rise and spectacular collapse two years ago in a fraud scandal that shook German politics and tarnished the country's business reputation.
Source: rtenews - 🏆 1. / 99 Read more »

25 'terror group' members arrested in Germany on suspicion of plotting to overthrow government25 'terror group' members arrested in nationwide raids in Germany on suspicion of plotting to overthrow government: It would be funny if it wasnt so dangerous. How are there so many nutters about? Were they always there & social media helps them find each other?
Source: thejournal_ie - 🏆 32. / 50 Read more »

Germany arrests 25 in 'terror group' planning attackGerman police launched nationwide raids today and made 25 arrests against members of a far-right 'terror group' suspected of planning an attack on parliament, federal prosecutors said.
Source: rtenews - 🏆 1. / 99 Read more »

Top German court dismisses challenges to EU crisis fundRuling sets possible precedent for Germany to back further EU debt issuance
Source: IrishTimesBiz - 🏆 6. / 77 Read more »