The prosecution asserts that Wirecard invented vast sums of phantom revenue. Management allegedly created bogus business transactions in Dubai, the Philippines, and Singapore.
However, within days, Wirecard became the first-ever DAX member toThe prosecution asserts that Wirecard invented vast sums of phantom revenue to mislead investors and creditors and drive up the share price.
“All three defendants worked together to make Wirecard appear as an extremely successful fintech company,” said Anne Leiding, a spokesperson for the prosecutors. “When in fact, at least according to the prosecution’s investigation, there were actually only losses since 2015.”Prosecutors will draw on evidence from Braun’s co-defendant Oliver Bellenhaus, the former head of Wirecard’s subsidiary in Dubai, who became a witness after turning himself in to German authorities in 2020.
Another former executive, Stephan von Erffa, is also on trial. He has publicly expressed regret about the events at Wirecard but denied orchestrating them. His lawyer said Von Erffa did not want to comment on the charges.
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