Confession in the Wirecard Scandal

A top group manager made a confession to the Munich a public prosecutor. It is the former managing director of the subsidiary Cardsystems Middle East in Dubai on the Persian Gulf, he is in custody. Wirecard is said to have faked billions in business and assets in Asia.

That a confession is available can be read from a statement that the lawyer for the Dubai manager sent to the  media. Munich criminal defense lawyer Nicolas Fruhsorger wrote: “My client voluntarily accepted the procedure and, unlike others, stands by his individual responsibility.” Regarding the details, “we will only speak to the Munich public prosecutor’s office,” Fruhsorger continues. The defense lawyer also told the  agencys that he had not spoken of a confession.

The Wirecard manager came from Dubai to Munich to the public prosecutor’s office at the beginning of last week; knowing that he would likely be arrested. Which then happened. The manager from Dubai wanted to face himself, as did the long-time Wirecard CEO Markus Braun. And unlike the ex-board member Jan Marsalek, who is said to have created the obvious lie building at Wirecard. The Persian Gulf manager in custody should know a lot about Marsalek.

The Cardsystems Middle East in Dubai was apparently the door opener for business in Asia at Wirecard. In 2018, this subsidiary is said to have contributed almost 32 percent of Wirecard’s sales. This is how KPMG, the auditing firm, portrayed the group through a special audit. The profit for which Wirecard was celebrated on the stock exchange came largely from Cardsystems.

The public prosecutor’s office in Munich I accuses the imprisoned Wirecard manager of serious fraud, attempting joint fraud in the particularly serious case as well as assisting with other crimes. The prosecutors cited the risk of flight and blackout as grounds for detention. The public prosecutor’s office is investigating Braun, Marsalek and others for manipulation of the stock exchange price, falsification of the balance sheet and breach of trust.

The Wirecard Manager from the Persian Gulf is a mystery to many. Almost nobody in the group has ever seen him, says an insider. A mysterious manager who delivered wonderful numbers is part of the Wirecard story. The sales that Cardsystems Middle East is said to have achieved through a single partner company alone increased by 194 percent between 2016 and 2018. But Wirecard has long proven to be a house of cards that is collapsing.

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Summary

A top group manager made a confession to the Munich a public prosecutor. Wirecard is said to have faked billions in business and assets in Asia.

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