As he testifies at his trial about the company’s collapse in 2020, the former CEO Markus Braun of payments provider Wirecard has denied knowing anything about incorrect accounting at the company.
What Happened To Markus Braun?
In his testimony on Monday at his trial related to the payments company Wirecard’s collapse in 2020, the former CEO denied knowing anything about any incorrect accounting at the company.
Before filing for insolvency and claiming that the 1.9 billion euros ($2 billion) that had been on its balance sheet could not be located, Wirecard had long been the fintech darling of Germany. The case revealed weaknesses in the nation’s financial regulatory agencies.
Due to claims that a significant portion of Wirecard’s revenue and assets were falsified, the company’s former CEO Markus Braun and two other former managers have been charged with fraud.
In Trial
Braun testified before the Munich state court that “I had no knowledge of fabrication or misappropriation,” according to the German news agency dpa. Braun stated, “I had no knowledge of this money being misappropriated,” in reference to the missing 1.9 billion euros.
Braun’s testimony was the first since the trial began in December. The German legal system does not use formal pleas.
Braun allegedly approved financial records that he knew to be fake, according to the prosecution. They claim that the company utilised fictitious paperwork to demonstrate that it had finances when it actually lacked them and that it booked nonexistent revenue that it attributed to numerous partnerships in various nations.
According to authorities, the scam cost banks 3.1 billion euros in loans and write-downs. Former chief operating officer of the corporation and one of the case’s key players, Jan Marsalek, is still at large. According to Braun’s attorneys, he was not aware of other people’s plotting.
FAQ’s
1. Who is Markus Braun?
A. He is a former CEO of Wirecard
2. What is his profession?
A. Ceo
3. What is Markus Braun Nationality?
A. Germany
4. How old is Markus Braun?
A. 45 years old
5. What Happened to Markus Braun?
A. In custody for fraud
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