Wirecard Court Case – Ex CEO Markus Braun Denies Fraud Charges
The FT on 13 Feb 2023 reported the court reporting that Wirecard CEO Markus Braun "denied any knowledge of Fraud at the German payments company” and will reject all charges against him. I am not sure whether I am more amused or irritated by this news, only time will tell.
It is odd that the Wirecard CEO, whilst paid a salary of more than €3million to be ‘in charge’, should or could admit to be oblivious of €1.9 billion missing from his balance sheet. Almost everyone in the payments sector, the Wirecard auditors, especially the Financial Times, seemed to suspect and report and rumour that something was amiss for nearly ten years: and Herr Braun did not think to check? It is simply not sustainable for Braun to profess complete innocence and/or ignorance. Everyone, at the time, knew that the bad, illegal and fraudulent business that drifts around the industry had for a long time migrated towards Wirecard, and that much else was wrong there.
I can’t find my email to Herr Braun in 2016 when we offered help to find and address problems that we were certain would be there; or alternatively to help him to prove that there were no problems! In hindsight, we are rather glad that he did not want our help. The challenge facing the courts now is complicated simplicity: was he criminally corrupt and involved; or just criminally negligent?
Kevin Smith and Bill Trueman are directors at Riskskill, and are payments and risk specialist, with over 25 years of experience. For more information about Riskskill visit website at www.riskskill.com
For further information, please contact: Bill Trueman or Kevin Smith at email@example.com