Singaporean R Shanmugaratnam, 57, and Briton James Henry O'Sullivan, 48, denied the charges in a hearing before District Judge Kow Keng Siong in the Singapore State Courts.
Opening its case on Monday, the prosecution, led by Deputy Public Prosecutor Gordon Oh, said it would proceed on 13 out of 14 charges for Shanmugaratnam and five out of seven charges for O'Sullivan. The remaining charges were stood down for the time being. Allegations of a concerted effort to fraudulently inflate sales and profits of Wirecard businesses in Dubai and Ireland, in order to potentially mislead Wirecard AG’s auditor, were also surfaced.
In June 2020, Wirecard AG released statements that €1.9 billion held in escrow or trust accounts did not exist. It filed for insolvency in Germany. These letters were signed off by Shanmugaratnam, with the Citadelle company stamp affixed. In fact, the sums in these escrow accounts were far less than what was stated in the letters, said the prosecution.
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