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Insolvency administrator: “enormous money burning” at Wirecard
A central question in the Wirecard process is whether the company made real money or dated its business. According to the insolvency administrator, the DAX group lived on loans.
In the Munich Wirecard process, insolvency administrator Michael Jaffé fed the doubts about the innocence of the former CEO Markus Braun. The lawyer Jaffé has been busy securing the remaining assets for five years. According to his own statements, he did not find profitable business in the summer of 2020 after the Dax Group’s collapse, but a company that burned ten million euros per week. “A company with a worldwide structure and enormous cash burn without any liquidity,” said Jaffé as a witness before the Munich I.
Money was “not available”
Ex-CEO Braun has been in custody for almost five years. After his presentation presented several times in the process, Wirecard was a profitable company with real business. In his part, Braun accuses the former sales board member Jan Marsalek and his accomplices of having branched off billions from the group and put them on the side.
Jaffé, on the other hand, spoke of “1.1 billion euros in cash burn” – “real money made available by external financiers and burned over the years in order to maintain and operate the structure”. Jaffé described the lending banks as “external financier”. Jaffé quantified the money requirement for the ten weeks after the bankruptcy application alone on a three -digit million sum. “Funding was not available.” The insolvency administrator did not expressly comment on Braun’s argument.
1.8 billion euros have been missing since 2020
It is not controversial that Wirecard was cheated on a large scale – the question is who the perpetrators were. According to the indictment, Braun is said to have been a significant member of the fraud gang in the company. Braun, on the other hand, sees himself as an innocent victim of the true perpetrators. The group collapsed in June 2020 because 1.8 billion euros could be found that the Wirecard chiefs had booked in the group balance.
Jaffé was initially not asked about these missing funds in the first hours of his witness. The public prosecutor assumes that it was bogus transactions and never existed. Braun rejects that.
dpa
Source: Stern
