The trial begins on Thursday of the former Wirecard chief executive who steered the payments company through its rise and spectacular collapse two years ago in a fraud scandal that shook German politics and tarnished the country's business reputation.
The 53-year-old former CEO Markus Braun, who has been in custody since his arrest in 2020, and two other managers of the defunct blue chip firm face charges including fraud and market manipulation.Braun has denied embezzling money from Wirecard and accused others of running a shadow operation without his knowledge.
After batting away suspicions of wrongdoing from investors and journalists and successfully lobbying the German authorities to investigate those who were scrutinising its finances instead, Wirecard was forced to admit in June 2020 that 1.9 billion euros were missing from its balance sheet. However, within days, Wirecard became the first-ever DAX member to file for insolvency, owing creditors nearly $4 billion.Prosecutors will draw on evidence from Braun's co-defendant Oliver Bellenhaus, the former head of Wirecard's subsidiary in Dubai, who became a key witness after turning himself in to the German authorities in 2020.
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