logo
Plus   Neg
Share
Email

Detained Manager In Wirecard Scandal Admits Wrongdoing: Reuters

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) has gone ahead with the approval of antiviral drug remdesivir as first treatment for COVID-19, notwithstanding last week's findings by the World Health Organization (WHO) that the drug is not effective for COVID-19 treatment. Thursday, Gilead Sciences announced that the FDA approved remdesivir, sold under the brand name Veklury. Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter. Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8... The Federal Trade Commission or FTC has launched a new fraud reporting platform, using which, consumers can easily report fraud and all other consumer issues directly to the regulator. In a statement, the FTC said its new website, ReportFraud.ftc.gov, will provide a streamlined and user-friendly way to submit reports about scams, frauds, and bad business practices.
RELATED NEWS
Follow RTT