Ex-Wirecard boss on trial in fraud case that shamed Germany
Ex-Wirecard boss on trial in fraud case that shamed Germany
Former Wirecard CEO Markus Braun at Munich Regional Court 1 Munich, Germany, on Dec. 8, 2022. (Peter Kneffel / dpa via AP)
BERLIN -
The former chief executive of financial services company Wirecard and two other ex-managers went on trial Thursday over the firm's collapse in what has been described as the biggest case of fraud in post-war Germany.
Wirecard was long the darling of Germany's fintech scene until it filed insolvency proceedings in 2020, saying 1.9 billion euros that had been on its balance sheet could not be found.
The case exposed flaws in Germany's financial oversight bodies and embarrassed then-Chancellor Angela Merkel, who had lobbied on behalf of the company during a visit to China.
Prosecutors in Munich allege that ex-CEO Markus Braun signed off on financial reports he knew were false. The firm allegedly booked nonexistent revenue it attributed to multiple partnerships in other countries and used fake documents to show it had funds that it did not, they said.
The firm's former head of accounting and the managing director of a Dubai-based subsidiary are also on trial.
The fraud cost banks 3.1 billion euros in loans and writedowns, according to prosecutors.
One of the central figures in the case, the company's former chief operating officer Jan Marsalek, remains on the run.
Braun's lawyers has said the charges against his client are "seriously flawed" and "assumed a false picture of the facts." They claim Braun was unaware of machinations by others.
The complex trial is expected to run for more than a year.
The Bank of Canada hiked its key interest rate by a quarter of a percentage point Wednesday, bringing it to 4.5 per cent. Here's a look at what the rate means, how analysts are interpreting it and what it could mean for consumers.
The federal government's latest TFSA contribution limit increase took effect as of January 1, 2023. Personal finance contributor Christopher Liew outlines how the government’s most recent TFSA contribution limit increase affects you and how to make the most of it.
Finding an affordable place to live in the territories, where housing has long been a challenge, is getting even harder, the Canada Mortgage and Housing Corporation suggested in a report released in December. In Yellowknife, the report said, the growing senior population, urbanization and strong labour market has pressured the housing supply.
Canada is suffering from a severe skills shortage in several key sectors, experts say, thanks to factors that include deficiencies in our education system as well as changing demographics. CTVNews.ca looks at some of the skills that will be most in-demand in 2023.
Bond portfolios took a beating in 2022 as interest rates climbed, but experts say investors shouldn't neglect bonds this year as the Bank of Canada nears the end of its rate hike cycle.
Canadian investors who made it through a tumultuous 2022 face further uncertainty in the year ahead amid increased recession risk. Investment professionals and personal finance experts say the easiest way to grow your money this year is to keep things simple.
In early 2020, 25.1 per cent of Canadians received $2,000 from the Canada Emergency Response Benefit, according to Statistics Canada. In his latest column on CTVNews.ca, personal finance contributor Christopher Liew explains how repayment works.
Former Wirecard CEO Markus Braun at Munich Regional Court 1 Munich, Germany, on Dec. 8, 2022. (Peter Kneffel / dpa via AP)
