Wirecard Trial: Entire Wirecard Asia Business Made Up

PeopleOther ♦ Published: June 27, 2023; 12:17 ♦ (Vindobona)

Wirecard's insolvency administrator, Michael Jaffe, has confirmed that the company's deal with supposed partners in Asia was completely fabricated, according to recent findings. This is according to Jaffe's fifth status report to the Munich District Court.

The collapse of payments company Wirecard in 2020, led to Germany's biggest post-war fraud scandal. / Picture: © Wikimedia Commons/ Leo Molatore/ CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)

Wirecard collapsed three years ago after 1.9 billion euros from business with customers in Asia, which were said to be in escrow accounts, turned out to be non-existent. Markus Braun, the Austrian-born CEO, and two other top managers are on trial for gang fraud and misleading the capital markets. Braun's claim in court that the business existed at Wirecard, but that the funds were…