High Court orders OCBC to disclose certain bank statements related to €1.9 billion Wirecard scandal - The Independent Singapore News

“Citadelle previously represented to Wirecard that they held millions of Euros in various accounts at Singapore bank OCBC on trust for Wirecard. To determine the truth of those representations, it was crucial for Wirecard’s insolvency administrator to obtain the bank statements of the aforesaid accounts,” reads a statement from Oon & Bazul on Dec 24, 2021., the law firm “took the unusual step of seeking the bank statements from the bank itself, instead of from Citadelle.

After the bank statements were disclosed, another application needed to be filed for the statements to be used in legal proceedings in Germany to declare Wirecard’s previous financial statements as void.Normally, the disclosed bank statements could not be used for legal proceedings outside the country, Oon & Bazul added.

The law firm called the disclosure of the bank statements a “milestone” in the investigation of the Wirecard scandal, which has made headlines around the world. “Due to Singapore’s well-deserved reputation for upholding banking secrecy,” Mr Suresh said that the applications to disclose bank records are “rare and difficult to succeed.”

Oon & Bazul also wrote that “Notably, banks in Singapore are obliged under section 47 of the Banking Act not to disclose, in any way, customer information, and typically, banks in Singapore will not even confirm whether or not a person or entity has a bank account with them.”- Advertisement 3-“in exceptional circumstances, banks in Singapore can be ordered to reveal customer information to third parties if the interests of justice demand it”.

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