WIRECARD ‘DISASTER’ PILES ON PRESSURE FOR CORPORATE REFORM IN GERMANY – FORMER BILLIONAIRE CEO MARKUS BRAUN ARRESTED

On 23 June, various media reported that Wirecard’s fall from grace prompted calls for an overhaul of Germany’s system of corporate oversight. The scandal involves Wirecard’s admission that €1.9 billion euros booked in its accounts was likely never to have existed. It is reported that Markus Braun, the architect of Wirecard’s push to make it one of Germany’s largest tech companies, has been on suspicion of presenting false information, inflating the digital payment company’s balance sheet and sales through fake transactions, suspicion of false accounting and market manipulation. He was accused of doing this to make the company look more attractive to investors and customers.

https://www.forbes.com/sites/jackkelly/2020/06/23/wirecards-former-billionaire-ceo-markus-braun-arrested-over-allegations-of-fraud

https://www.reuters.com/article/wirecard-accounts-germany/wirecard-disaster-piles-on-pressure-for-corporate-reform-in-germany-idUSL8N2E013F

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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