Wirecard trial of executives opens in German fraud scandal

An accusation of complicity in the largest fraud case in German history has been brought against the former CEO of the notorious German payment provider Wirecard. Its rapid ascent from humble origins to one of Germany’s major financial monsters was overseen by Markus Braun, 53.

Politicians and businesspeople were enthralled by Wirecard’s success up until its equally stunning fall from grace. The trial on Thursday will take place in a secure courtroom at Munich’s Stadelheim prison. The former CEO of Wirecard, Mr. Braun, is being held in pre-trial custody at the jail and maintains his innocence.

Also on trial are two additional former managers. In charge of the Dubai division of Wirecard was Oliver Bellenhaus, and Stephan von Erffa oversaw accounting. If found guilty, they might spend several years in prison.

The courthouse, which is 5 metres (16 feet) below ground and has a bomb-proof ceiling, was created for the trials of alleged terrorists or mafia members. A dramatic backdrop that may be appropriate for a lawsuit that completely upended Germany’s financial and political system.

The former COO of Wirecard is one person who is not facing charges. Jan Marsalek had left by the time the full scope of the scandal involving the payments industry giant became public in June 2020.

He was regarded as Markus Braun’s number two and quickly became both Germany’s and Europol’s most wanted man after allegedly engaging in commercial gang fraud.

Before taking a private jet to Belarus, he is thought to have fled to an airport south of Vienna. The government in Moscow has denied claims that he developed close ties with its security services, but recent reports place him in Russia.

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