Wirecard CEO Markus Braun attending a earnings press conference in Munich on April 25, 2019.
Current investigations show that “the conduct of the accused justifies the suspicion of inaccurate presentation concurring with market manipulation,” they said in a statement. The missing cash was held to cover risks in trading supposedly carried out by third parties on Wirecard’s behalf and was meant to be sitting in escrow accounts at two Philippine banks.Braun resigned abruptly the next day while the company’s chief operating officer Jan Marsalek was dismissed on Monday.
The reports prompted Munich prosecutors in early June to open a probe alleging “market manipulation” by the group’s management board, including Braun.
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