Markets

Detained Manager In Wirecard Scandal Admits Wrongdoing: Reuters

(RTTNews) - The former chief of a Wirecard AG (WRCDF.PK) subsidiary, who was in pre-trial detention related to a fraud, has admitted wrongdoing to prosecutors, Reuters reported citing his lawyer.

Cardsystems Middle East's former executive, who is unidentified, was arrested earlier this month as part of an investigation related to the 1.9 billion euros in missing funds from Wirecard's's accounts.

Reuters quoted the executive's defence lawyer Nicolas Fruehsorger as saying, "My client has voluntarily given himself up for the proceedings and - in contrast to others - takes individual responsibility."

The report noted that the executive had traveled from Dubai and turned himself in last week.

Wirecard's headquarters were raided by Munich prosecutors recently. In the multi-billion-euros fraud that led to Wirecard's collapse, Cardsystems Middle East reportedly played a central role.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    RTTNews

    Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

    Learn More