According to the indictment, Wirecard booked billions of dollars in invented “third-party” sales through its subsidiary Cardsystems Middle East in Dubai. These third-party partners were companies that processed payments on behalf of Wirecard. Before the bankruptcy in the summer of 2020, the company had admitted alleged sham bookings of 1.9 billion euros, the money is still missing today.
Key witness Bellenhaus wants to fully cooperate: “He will admit his guilt,” said Florian Eder, one of Bellenhaus’ defense attorneys, before the trial began. In return, the defense attorneys are hoping for release from custody and a “very significant reduction in sentence” for their client in the verdict.
Braun had already accused his former subordinate of criminal activities before the trial began. According to Braun, the billions missing since 2020 existed, but were embezzled with Bellenhaus’ participation. “When such attacks come, they are simply smoke screens,” said Bellenhaus’ lawyer.
Without the alleged proceeds from the third-party business, Wirecard would have been in deficit, said public prosecutor Matthias Bühring during the several-hour reading of the 89-page indictment. According to the indictment, the billions in loans were necessary “to prevent the company from collapsing”.
As a payment service provider, Wirecard processed electronic payments for a fee at the interface between credit card companies and banks as well as retailers and other sellers. The company reported rapidly increasing sales for years and was included in the DAX on the Frankfurt Stock Exchange in 2018. As the largest shareholder, Braun became a billionaire.
In the summer of 2020, the group collapsed and filed for bankruptcy. The British “Financial Times” had previously tracked down the alleged manipulations after years of research. Braun had rejected any doubts about the Wirecard balance sheets until very shortly before the collapse. In the process, the ex-CEO will have to face probing questions about his role as a victim.
The Wirecard investigations are far from over, even though the process has now begun. The former sales manager Jan Marsalek (Maršálek), another key figure, is still on the run. It is believed that the Austrian went into hiding in Moscow.