Tag: Burkhard Ley

Munich prosecutors have announced charges against Burkhard Ley, a former board member and long-standing CFO of the now-collapsed Wirecard. This revelation comes after the 2020 scandal, which saw Wirecard implode due to a staggering €1.9-billion discrepancy in its accounts. This Wirecard debacle jolted Germany's corporate world and cast a shadow over various politicians and regulators linked to the company.

The Wirecard trial in Munich has its first highlight today. After hearing the testimony of state witness Oliver Bellenhaus in recent weeks, it was the turn of former CEO Markus Braun today. His questioning will probably take many days. Braun goes back a long way to his childhood, describes his penchant for numbers, and explains that Wirecard was created in 2005 through a reverse IPO where he was CEO, and Payabl founder Ruediger Trautmann was Chief Sales Officer.

The trial started with a delay of about 45 minutes because the entrance checks for the visitors took longer than planned. The reading of the indictment takes about 5 hours. The prosecutors allege that tens of thousands of shareholders have lost more than €20 billion. Banks and other creditors were left with more than €3 billion. The former CEO Markus Braun, who at some point before 2015 would have formed a criminal organization out of Wirecard, is said to be primarily responsible.

Surprise, Surprise! The Wirecard madhouse was run by a criminal organization, says the German public prosecutor on July 23, 2020. he public prosecutor's office has allegedly been able to confirm and support these statements with facts. Consequently, the former managers Markus Braun, Burkhard Ley, and the former head of accounting were arrested. The former COO, the Austrian Jan Marsalek remains on the run. But Wirecard is not the only payment processor with close connection to cybercrime and money-laundering.