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Germany opens Wirecard fraud trial over missing $2bn | Business and Economy News

Germany’s Wirecard fraud trial has opened, with ex-CEO Markus Braun and two former executives in the dock over their roles in the country’s biggest-ever accounting scandal.

The trial in Munich began on Thursday, two and a half years after the digital payments firm collapsed in spectacular fashion following admission that 1.9 billion euros ($2bn) missing from its accounts did not actually exist.

Chancellor Olaf Scholz, who was finance minister at the time, described the scandal as “unparalleled” in Germany’s post-war history.

The accused

Notably absent from the courtroom was Wirecard’s former chief operating officer, Jan Marsalek, a shadowy figure with ties to foreign intelligence agencies.

Marsalek evaded arrest in 2020 by staging a daring escape from Austria by private jet. He was reported earlier this year to be hiding out in Russia.

Wirecard’s veteran CEO Braun, in custody since July 2020, faces charges of commercial gang fraud, breach of trust, accounting fraud and market manipulation.

The 53-year-old denies the allegations and claims to be a victim of the fraud, painting Marsalek as the mastermind.

His co-accused are ex-accounting boss Stephan von Erffa and Oliver Bellenhaus, the former head of Wirecard’s Dubai subsidiary.

Bellenhaus has admitted wrongdoing and will act as a key witness for the prosecution.

If found guilty, the trio risk lengthy prison sentences.

A man walks past the Wirecard booth at the computer games fair Gamescom in Cologne [File:…

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