Wirecard’s former CEO Markus Braun appears in court for historic trial

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Executive denies any knowledge of or involvement in a €1.9 billion accounting fraud that brought down the electronic payments firm via IrishTimesBiz

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In Munich’s wood-panelled Stadelheim courtroom, windowless venue of choice for terrorism and organised crime trials, the crowd was so great that the first day of proceedings began with a 45-minute delay.

The 53 year-old Austrian-born manager and two former Wirecard colleagues – ex-accounting boss Stephan von Erffa and Oliver Bellenhaus, the former head of Wirecard’s Dubai subsidiary – face charges of commercial fraud, breach of trust, market manipulation and accounts manipulation. In 700 binders of documents, prosecutors accuse Mr Braun of knowingly presenting fabricated financial results to make his firm appear more successful. At one point Wirecard was worth €24 billion and hailed as Germany’s biggest tech player – until Financial Times journalists began questioning its business model and accounts.

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