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.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.