German prosecutors have arrested the former finance and accounting chiefs at Wirecard, along with the its boss Markus Braun (again).
Prosecutor Anne Leiding would only identify the two finance officials as “L and von E”.
She believes along with others in the company they agreed in 2015 to inflate Wirecard’s balance sheet by faking income. This in turn allowed the company to borrow nearly £3 billion from banks in Germany and Japan. How much of this money can be found, remains to be seen!
The criminal investigation is centred on fraud, breach of trust, misrepresentation and market manipulation.
