Markus Braun, CEO of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions attends the company's annual news conference in Aschheim near Munich, Germany. [Source: Reuters]
Wirecard’s (WDIG.DE) former boss has been arrested on suspicion of falsifying its accounts.
This 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. A judge ruled on Tuesday that the 50-year-old Austrian could be released as soon as he posts 5 million euros ($5.7 million) in bail.
Germany’s financial regulator also filed a fresh complaint against Wirecard with the prosecutor, saying the company’s belated admission that billions were missing showed it had mis-stated its financial position between 2016 and 2018.
“This also strengthens the suspicion that the information contained in its financial reports sent false signals for Wirecard’s share price and in so doing violated a ban on market manipulation,” regulator Bafin said in a statement.
