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Wirecard’s former CEO freed on EUR 5m bail

Wirecard’s former CEO freed on EUR 5m bail

Mubasher: The former CEO of Wirecard Markus Braun has been released from custody after being arrested on suspicion of falsifying the German payments firm’s accounts, Reuters reported on Wednesday.

Braun was freed one day after turning himself in on Monday after posting a bail of EUR 5 million ($5.65 million) set by a Munich court, said his lawyer Alfred Dierlamm.

Still, the 50-year-old Austrian remains under investigation by prosecutors in Munich even though a warrant against him was lifted.

Wirecard, which grew into a $28 billion fintech on Braun’s 18-year watch, had its growth story to fall apart last Thursday after auditor Ernst & Young (EY) refused to sign off the company’s annual financials as a EUR 1.9 billion ($2.1 billion) of cash reportedly went missing

The following day, Braun stepped down and the company has since admitted that $2.1 billion it declared on trustee accounts at two banks in the Philippines probably did not exist, according to recent reports.