Former Wirecard chief on trial in fraud case that embarrassed Germany – KESQ

BERLIN (AP) — The former chief executive of financial services company Wirecard and two other former managers are on trial over the company’s collapse. It has been described as the biggest case of fraud in post-war Germany. Wirecard was the darling of Germany’s fintech scene until it filed for insolvency proceedings in 2020, saying €1.9bn that had been on its balance sheet could not be found. The case exposed failings in Germany’s financial oversight bodies and embarrassed officials who had lobbied on the company’s behalf. Prosecutors in Munich allege that former chief executive Markus Braun signed financial reports that he knew to be false. Braun’s lawyers deny the charges. Prosecutors say the fraud cost banks 3.1 billion euros in loans and write-offs.


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