Former Wirecard CEO detained on accusation of inflating balance sheet: prosecutors By Reuters

Former Wirecard CEO detained on accusation of inflating balance sheet:


© Reuters. Braun of Wirecard AG attends the company’s annual news conference in Aschheim

FRANKFURT (Reuters) – Former Wirecard (DE:) Chief Executive Markus Braun has been detained on accusations of inflating the company’s balance sheet and revenues to make it appear stronger and more attractive for investors and customers, prosecutors said in a statement on Tuesday.

Wirecard had said on Monday that 1.9 billion euros ($2.15 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company.

Braun turned himself in on Monday evening and will be presented to a judge on Tuesday who will decide on whether he will remain in custody, they added.

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