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Wirecard’s former CEO Braun arrested in hunt for lost billions
- Tuesday | 23rd June, 2020
MUNICH/FRANKFURT (Reuters) – Wirecard’s former boss has been arrested on suspicion of falsifying its accounts, after the German payments firm disclosed a $2.1 billion financial hole and questioned whether trustees had actually held money on its behalf. Markus Braun turned himself in on Monday night after Munich prosecutors issued a warrant for his arrest. Wirecard’s implosion was described on Monday as a “total disaster” by Germany’s financial regulator, who has come under fire for pursuing its critics and not the company. Braun, who said at the time that the allegations were not confirmed “in every point”, quit on Friday after in-house auditor EY refused to sign off on Wirecard’s 2019 accounts. Wirecard is being advised by investment bank Houlihan Lokey and the creditors by law firm Allen & Overy.
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