CEO of Wirecard's Dubai subsidiary arrested

Monday, 06. July 2020 16:58

German prosecutors said on Monday they arrested the CEO of Wirecard's Dubai-based subsidiary Cardsystems Middle East FZ-LLC as part of their investigation into the company's accounting scandal.

Last week, Munich prosecutors raided Wirecard offices and widened the probe into the company to include fraud. Ex-CEO Markus Braun has already been arrested and released on bail, while former COO Jan Marsalek, CFO Alexander von Knoop and Chief Product Officer Susanne Steidl are also under investigation.

Earlier, Wirecard filed for insolvency after EY failed to find sufficient audit evidence of €1.9 billion on its balance sheet.

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