SeaPRwire

Briton allegedly linked to Wirecard case charged in Singapore with abetting to falsify document

aseanpr
3 minutes

SINGAPORE - A man allegedly linked to a case involving German payments company Wirecard has been charged with one count of abetting to falsify a document. James Henry O'Sullivan, 46, appeared in a Singapore district court via video-link on Wednesday (Sept 1). In March 2017, the Briton allegedly instigated then director of local accounting firm Citadelle Corporate Services R Shanmugaratnam to falsify a document. According to court documents, O'Sullivan, who was arrested on Monday, purportedly instructed the Singaporean to issue a letter from Citadelle to a Wirecard subsidiary known as Cardsystems Middle East FZ. The letter is said to have stated that Citadelle held a balance of about 86.4 million euros (S$137 million) in an escrow account as of Dec 30, 2016 - when, in fact, Citadelle did not maintain such an account. Escrow is an essential service in capital markets that supports transactions such as mergers and acquisitions. O'Sullivan's lawyer Tito Isaac on Wednesday asked for his client to be allowed bail, stressing that the Briton had assisted the authorities with investigations. Mr Isaac said O'Sullivan's ties to Singapore are strong, adding that he and his wife are working her...

SeaPRwire

Wirecard foiled staff attempts to speak out: Whistle-blower

elean
1 minute

SINGAPORE - Disgraced payments company Wirecard should have put better procedures in place for staff to flag misconduct, said the company's former senior legal counsel for the Asia-Pacific. Mr Pav Gill told The Straits Times that Wirecard had corporate governance issues that seemed to prevent wrongdoings from being brought to light. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

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Auditor EY replaces Germany boss after Wirecard scandal

elean
3 minutes

FRANKFURT AM MAIN (AFP) - Auditing group EY on Thursday (Feb 25) announced that it was replacing the head of its German office as it moves to "restore trust" following the collapse of fraud-hit payments firm Wirecard. EY Germany boss Hubert Barth, who was in the job for five years, will stay at the company and be assigned to a new role "on a European level", the Ernst and Young group said in a statement. Taking his place will be a leadership duo consisting of Henrik Ahlers, a senior executive at EY Germany, and Jean-Yves Jegourel, vice-chair at EY's global assurance division. EY, one of the world's "Big Four" accountancy giants, said the reshuffle was part of a reorganisation of its European operations. It added that the new leadership would focus on "further strengthening the quality and growth of the German office". But the move also comes after EY faced fierce criticism for its role in the downfall of disgraced German firm Wirecard, whose books it had been checking since 2009. "EY's top priority is to contribute to clearing up the Wirecard case and to restore trust that has been lost," the group said, adding that it was working "on measures and initiatives to increase confidence...

SeaPRwire
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Former Wirecard boss stonewalls German lawmakers’ inquiry

elean
3 minutes

BERLIN (REUTERS) - Wirecard's former boss stonewalled questions from lawmakers on Thursday (Nov 19) when he was temporarily released from jail for an inquiry into post-war Germany's biggest corporate fraud. Markus Braun, wearing his hallmark turtle neck and a blazer, declined to answer more than 50 questions about Wirecard's demise, other than to say no German officials behaved inappropriately. Braun, who has denied any wrongdoing and said Wirecard was the victim of a wider fraud, is in jail awaiting trial. He told lawmakers on Thursday he had confidence in the German legal system but said little else in a prepared speech. The former chief executive's stance is a setback for lawmakers investigating the implosion of a German tech star once worth US$28 billion, which folded owing billions. Braun said he had also refused to speak to Munich state prosecutors, who have charged him with fraud and embezzlement, although he pledged to cooperate with them. Some of the German parliamentarians, who were visibly irritated, resorted to posing questions of Braun such as about his family, before the hearing was temporarily disbanded. Braun's appearance, which is being closely watched in Germany a...