In the Munich criminal trial surrounding the billion-dollar bankruptcy of the financial group Wirecard, the court and public prosecutor are considering dropping a number of allegations. What at first glance looks like a capitulation to the complicated payment flows and like good news for the accused ex-boss Markus Braun, who comes from Austria, is seen by those involved in the process as a harsh judgment that has been anticipated.
The remaining allegations are likely to result in a prison sentence of ten to 15 years, according to a document from the regional court. “At Braun it’s going to the highest level,” says an insider.
On Wednesday, the public prosecutor’s office plans to announce whether it will retroactively reduce its charges. Braun’s defense protests: “We are against such a prejudgment,” says lawyer Theres Kraußlach. She demands a comprehensive investigation and an acquittal.
Financial scandal involving missing billions
In one of the largest white-collar criminal cases in German history, the court has been trying to shed light on what happened at Wirecard for more than two years. The group, which was previously listed in the German DAX stock index, collapsed in June 2020 when it was discovered that 1.9 billion euros were missing from escrow accounts in Asia.
According to the public prosecutor’s office and the insolvency administrator, the money never existed. The bankruptcy is one of the biggest financial scandals Germany has ever seen. Investors and banks lost billions. The earthquake also reached federal politics in an investigative committee and led to a reform of financial supervision.
Three defendants in court
The Munich court must clarify whether the three defendants can be held criminally responsible. The criminal chamber now seems convinced of this, as presiding judge Markus Födisch has indicated several times: Braun, who denies all allegations, has not yet been released from custody.
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Image: FABRIZIO BENSCH (POOL)
Source: Nachrichten
