Home Business Wirecard AG: Ex-chief Markus Braun was arrested

Wirecard AG: Ex-chief Markus Braun was arrested

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This step was not unexpected: The public Prosecutor’s office Munich I has yesterday, requested Monday, to the competent investigative judge of the district court of Munich, a warrant of arrest against the former Chairman of the management Board of Wirecard, Markus brown, and get. “The Accused Dr. brown has been then last night at the Prosecutor’s office of Munich I. He is now in the course of the day, the investigation judge, who decides on the detention to continue,” reads a press release of the German judiciary.

And further it is said: “According to your previous investigation the Prosecutor’s office of Munich I, shall present to the accused to the load and, if applicable, in the balance sheet total and the volume of sales of Wirecard AG by pre-act with other perpetrators to have faked revenues from transactions with so-called Third-Party Acquirers (TPA) inflated, so that the company is financially strong and for investors and customers in a more attractive display.”

The particular focus of this Accusation, it is only since a few days ongoing investigations in Munich are, according to the Prosecutor’s office “alleged Bank balances on escrow accounts in the case of two Philippine banks, in the amount of more than 1.9 billion euros. The Board of management of the payment service processor Wirecard has declared in the night from Sunday to Monday against 3.00 o’clock in the morning in an ad-hoc notification that these Bank balances are in place with probability“.

According to current legal test, the conduct of the accused gave rise to the suspicion of incorrect representation, respectively, in concomitance with the manipulation of the market pursuant to art. § 331 of the commercial code, § 119 of the securities trading act in a number of cases. For Markus brown, the presumption of innocence applies.

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