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Germany: Fmr Wirecard CEO rearrested along with two former managers01:54

Germany: Fmr Wirecard CEO rearrested along with two former managers

Germany, Munich
July 22, 2020 at 17:19 GMT -00:00 · Published

Two former managers from fintech company Wirecard were arrested in Munich on Wednesday, while ex-CEO Markus Braun was also brought back into custody, Chief Prosecutor Anna Leiding said on Wednesday.

Leiding stated that the two executives were the company's former head of accounting and an individual who was Wirecard's Chief Financial Officer (CFO) until the end of 2017.

Braun, who was arrested last month on charges of market manipulation and false accounting but then released on bail last, has been been ordered to remain in detention by a judge according to the prosecutor.

Leiding said that her office had "evidence, such as testimonies and certificates" that all three executives "inflated the total assets and the sales volume of Wirecard AG by pretending income through the pretence of so-called third party acquirers."

Wirecard was assigned a court-appointed insolvency administrator at the end of June after it was uncovered that €1.9 billion ($2.1 billion), that had been reported as cash, did not exist in company accounts and is believed to have never existed at all.

Founded in 1999, Wirecard was one of Germany's top 30 companies with nearly 6,000 employees in 26 countries around the world.

Germany: Fmr Wirecard CEO rearrested along with two former managers01:54
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Two former managers from fintech company Wirecard were arrested in Munich on Wednesday, while ex-CEO Markus Braun was also brought back into custody, Chief Prosecutor Anna Leiding said on Wednesday.

Leiding stated that the two executives were the company's former head of accounting and an individual who was Wirecard's Chief Financial Officer (CFO) until the end of 2017.

Braun, who was arrested last month on charges of market manipulation and false accounting but then released on bail last, has been been ordered to remain in detention by a judge according to the prosecutor.

Leiding said that her office had "evidence, such as testimonies and certificates" that all three executives "inflated the total assets and the sales volume of Wirecard AG by pretending income through the pretence of so-called third party acquirers."

Wirecard was assigned a court-appointed insolvency administrator at the end of June after it was uncovered that €1.9 billion ($2.1 billion), that had been reported as cash, did not exist in company accounts and is believed to have never existed at all.

Founded in 1999, Wirecard was one of Germany's top 30 companies with nearly 6,000 employees in 26 countries around the world.

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