Former Wirecard Chief Executive Markus Braun arrested on suspicion of falsifying revenue, prosecutors say
FILE PHOTO: Markus Braun, CEO of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions attends the company's annual news conference in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder
Wirecard had said on Monday that 1.9 billion euros it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company. Braun is accused of misrepresenting the company’s accounts and of market manipulation by falsifying income from transactions with so-called third-party acquirers, the prosecutors added.
The one-time investor darling is now holding emergency talks with its banks, which are owed roughly 1.75 billion euros, to avert a looming cash crunch triggered by the missing money.
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