Tag: Michael Jaffe

A Munich court has found Markus Braun, the former CEO of Wirecard, along with Alexander von Knoop, former CFO, and Susanne Steidl, former chief product officer, personally liable for €140 million in damages. This decision comes after a long-running civil suit filed by Michael Jaffé, the administrator of Wirecard, over the executives’ roles in issuing unsecured loans to allegedly fraudulent business partners in Asia.

The Wirecard scandal, already infamous for its dramatic revelations and legal entanglements, unfolds a new chapter as former shareholders target EY, the erstwhile auditor of the now-defunct German FinTech giant. This legal move comes amidst growing concerns over EY's recent restructuring, which plaintiffs argue is a maneuver to shield itself from liability. At the same time, Wirecard is reportedly developing into an international espionage thriller centered around Jan Marsalek.

The Wirecard story is far from over. Currently, the former CEO Markus Braun and two other executives strand trial in Munich. In early 2024, former members of the Management Board and Supervisory Board of Wirecard will face the claims of the insolvency administrator in a complex directors' and officers' liability proceeding at the Munich Regional Court. The insolvency administrator, Michael Jaffé, has been tasked with collecting money for the Wirecard companies.

It's Wirecard time, again! In the course of the Wirecard investigations, the authorities conduct another raid. As announced by the Munich I public prosecutor's office, it has been searching five properties since Wednesday morning, three of them in Munich - including the German headquarters of Wirecard AG - and two in Austria by way of legal assistance.