Prosecutors charge former Wirecard CEO

Prosecutors charge former Wirecard CEO

German prosecutors have charged former Wirecard chief executive Markus Braun in relation to the collapse of the payments firm last year.

Braun is charged with fraud, misappropriation of corporate assets, accounting fraud and market manipulation. He faces several years in prison if found guilty.

Munich prosecutors say that he signed off on financial reports he knew to be false and that the company booked revenue that did not exist, according to the AP.

Former Wirecard chief accountant Stephan von Erffa and the ex-managing director of the firm's Dubai-based unit have also been charged.

Braun was first arrested nearly two years ago but is only now being charged in the highly complex case with a 474 page indictment.

Once valued at more than 20 billion euros, Wirecard filed insolvency proceedings in 2020, admitting that 1.9 billion euros that had been on