Ex-Wirecard CEO In The Dock Over 'unparalleled' Fraud

Wirecard's ex-CEO Markus Braun and two former executives went on trial in Munich on Thursday charged with fraud over their involvement in Germany's biggest-ever accounting scandal

Munich, Germany, Dec 8 (APP - UrduPoint / Pakistan Point News - 8th Dec, 2022 ) :Wirecard's ex-CEO Markus Braun and two former executives went on trial in Munich on Thursday charged with fraud over their involvement in Germany's biggest-ever accounting scandal.

The mammoth court case comes two and a half years after digital payments firm Wirecard collapsed in spectacular fashion after admitting that 1.9 billion Euros ($2 billion) missing from its accounts did not actually exist.

Chancellor Olaf Scholz, who was finance minister at the time of Wirecard's implosion, described the scandal as "unparalleled" in Germany's post-war history.

The first day of the keenly anticipated trial, held in a high-security courtroom inside the sprawling Stadelheim prison complex, mainly consisted of the prosecution reading out the 90-page indictment.

Austrian-born Braun, in custody since July 2020, appeared in the dock wearing his trademark dark turtleneck under a suit jacket.

The 53-year-old spoke only to confirm his personal details and appeared to be following the proceedings intently.