53-year-old Markus Braun, who face charges including fraud and market manipulation, denies embezzling money and accuses others of running a shadow operation
The trial begins on Thursday of the former Wirecard CEO who steered the payments company through its rise and spectacular collapse two years ago in a fraud scandal that shook German politics and tarnished the country’s business reputation.
Founded in 1999 and based in the Munich suburb of Aschheim, Wirecard’s fairy-tale rise transformed it from a payment processor for pornography and online gambling to a showpiece for a new type of German tech company that could compete with the established titans of Europe’s largest economy. The prosecution has said Wirecard’s management invented vast sums of phantom revenue to hoodwink investors and creditors.
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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