Ex-CEO of scandal-hit Wirecard freed on bail in Germany

ARRESTED. Markus Braun poses at Wirecard's headquarters in Aschheim near Munich, Germany. Photo by Christof Stache/AFP

A judge in Munich ordered him to be released on bail for 5 million euros, the prosecutors said in a statement. Braun must also report to police each week. They believe Braun artificially"inflated" the company's assets and revenues through"fake transactions with so-called third party acquirers in order to make the company seem financially stronger and more attractive to investors and customers."Computer scientist Braun joined Wirecard in 2002.

But the company has been dogged by reports of accounting irregularities in its Asian division, notably in a series of articles in theWirecard's woes deepened earlier this month when Munich prosecutors raided its headquarters as part of a probe into market manipulation targeting the firm's entire management board.

5000000 EUR bail........

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