Friday, August 7, 2020

"First Singaporean charged over Wirecard scandal"

This story came out before the revelation of the actual billion dollar cash theft came out this morning.*
From the Straits Times:
SINGAPORE (BLOOMBERG, REUTERS) - Singapore has laid its first charges in the Wirecard scandal, accusing a director of Citadelle Corporate Services of falsifying accounts.

R. Shanmugaratnam was charged with "wilfully and with intent to defraud" falsifying letters from Citadelle to Wirecard representing that the Singapore firm held tens of millions in euros in escrow accounts, according to charge sheets filed last month and seen by Bloomberg News.

The 54-year-old Singaporean is the first person to be indicted here over the spectacular collapse of Wirecard.

The German digital-payments company filed for bankruptcy in June after disclosing that €1.9 billion (S$3.1 billion) of cash supposed to be in bank accounts in the Philippines did not exist.

The first of the four charges says that in March 2017, Shanmugaratnam falsely stated that there was a balance of €177.5 million held by Citadelle in an escrow account on Dec 31, 2016. The other three charges say that in March 2016, he misrepresented that there were €66.4 million, €47 million and €30 million held by Citadelle in three escrow accounts on Dec 31, 2015.

Shanmugaratnam's lawyer, Mr N. Sreenivasan, declined to comment.
Shanmugaratnam is out on bail of $150,000. If convicted, he could face a jail term of as long as 10 years for each charge....
Whoa: "Prosecutors suspect Wirecard was looted before collapse" (billion dollar embezzelment on top of the fraud)