Former Executives Go On Trial Two Years After Collapse Of The Payment Company

Wirecard: Ex-CFO Bellenhaus Charged With Fraud in Germany

Former executives go on trial two years after collapse of the payment company

Bellenhaus and von Erffa accused of accounting fraud

MUNICH, Dec 8 (Reuters) - Munich prosecutors have charged Wirecard's former chief financial officer (CFO) with fraud more than three years after the collapse of the payments company.

Oliver Bellenhaus was head of Wirecard's Dubai subsidiary while Stephan von Erffa was in charge of accounting. Both men have been in police custody since July under suspicion of accounting fraud.

The charges against Bellenhaus include market manipulation, falsifying accounts, and embezzlement. Von Erffa is accused of aiding and abetting these crimes.

The trial is scheduled to begin on Thursday, December 8th. It is expected to last several months.

Wirecard was once one of Germany's most successful fintech companies. However, it collapsed in 2020 after it was revealed that it had been inflating its sales and profits.

The scandal led to the resignation of Wirecard's CEO, Markus Braun. He is also facing charges of fraud and is currently in jail.

The Wirecard scandal has been a major embarrassment for Germany's financial industry. It has also raised questions about the effectiveness of the country's financial regulators.

Key points:

• Wirecard's former CFO, Oliver Bellenhaus, has been charged with fraud.
• Bellenhaus is accused of market manipulation, falsifying accounts, and embezzlement.
• Von Erffa is accused of aiding and abetting these crimes.
• The trial is scheduled to begin on Thursday, December 8th.
• The Wirecard scandal has been a major embarrassment for Germany's financial industry.