Germany: Fmr Wirecard CEO under investigation for 'market manipulation' — Munich prosecutor

Wirecard's ex-CEO was arrested in Munich on Monday evening over allegations including «incorrect information and market manipulation,» Chief Prosecutor Anna Leiding told Ruptly on Tuesday. «The Public Prosecutor's Office in Munich One has arrested Dr. Braun yesterday evening after his arrival from Vienna and he is now facing prosecution,» Leiding said, adding that Markus Braun could be investigated for «other criminal offenses» and that prosecutors are probing «whether incorrect balance sheets were also used to get loans from other banks.» Markus Braun resigned as CEO of fintech company Wirecard last Friday after auditor EY refused to sign off the firm's 2019 accounts over a missing €1.9 billion ($2.2 billion), and turned himself in on Monday after an arrest warrant was issued in his name. Prosecutors accuse Braun of inflating Wirecard's finances to make it more attractive to investors and customers. On Monday, the company admitted there's «a likelihood» that the funds «do not exist». Braun, an Austrian who resides in Vienna, has reportedly been released on €5 ($5.67) million bail, after spending Monday night in police custody, and has agreed to cooperate with the investigation. Founded in 1999, Wirecard was one of Germany's top 30 companies with nearly 6,000 employees in 26 countries around the world.

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