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Wirecard headquarters raided in probe of accounting scandal

BERLIN (AP) – Investigators searched the headquarters of German cost methods supplier Wirecard and 4 different areas Wednesday as half of their probe of an accounting scandal that led to the arrest of the corporate’s longtime CEO and compelled the agency to file for chapter safety.

Twelve prosecutors had been supported by 33 cops in addition to police IT consultants in Wednesday’s raids, Munich prosecutors stated. Five areas had been searched – three in Germany, together with Wirecard’s headquarters in the Munich suburb of Aschheim, and two in neighboring Austria.

Markus Braun, an Austrian who had led Wirecard since 2002, was arrested final week on suspicion of incorrect statements of information and market manipulation, after which launched on bail. He had resigned as CEO days earlier, shortly after Wirecard stated auditors couldn’t discover accounts in the Philippines that had been alleged to comprise 1.9 billion euros ($2.1 billion).

His arrest got here hours after the corporate stated it had concluded that the cash most likely didn’t exist. Investors worn out a lot of Wirecard’s share worth over the previous two weeks, and the corporate stated Thursday it was submitting for insolvency, a type of chapter safety.

Prosecutors have stated they think Braun of inflating the corporate’s monetary place utilizing sham earnings, “possibly in collaboration with further perpetrators,” in order to “portray the company as financially stronger and more attractive for investors and clients.”

Wirecard’s headquarters was already searched on June 5 in an investigation of narrower allegations of market manipulation, involving suspicions that managers might have given “misleading signals” for the corporate’s share value in statements in March and April, prosecutors stated.

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