German payments firm Wirecard's former chief executive officer Markus Braun has been arrested by prosecutors after he turned himself in on Monday evening, according to reports.
Braun suddenly quit on Friday, capping a disastrous week for the scandal-hit firm after its shares plunged as much as 80%. It withdrew its full-year-2019 and first-quarter-2020 results. Wirecard's former chief executive Markus Braun has been arrested by German prosecutors on suspicions of false accounting and manipulative business practices, according to multiple media outlets.from the company on Friday after the German payments firm acknowledgd some €1.9 billion had gone missing from its balance sheet, which prompted its share price to plunge by 80% over two days last week.
In a short statement, Wirecard said that Braun stepped down with the agreement of its board and that the company's chief compliance officer, James Freis, would take on the interim CEO role. Wirecard is at the centre of a long-running investigation by the Financial Times over its accounting practices. READ NOW: