Three former Wirecard executives, including CEO Markus Braun, have been ordered to pay €140 million plus interest to the former administrator of the bankrupt payments group.
This ruling concludes a protracted lawsuit initiated by Wirecard administrator Michael Jaffé concerning losses related to loans given to fraudulent business partners in Asia. Braun, along with former chief financial officer Alexander von Knoop and former chief product officer Susanne Steidl, has been deemed personally liable for losses incurred from a $100 million unsecured loan and the acquisition of securities bonds from a supposed outsourcing business in Singapore, just months prior to Wirecard’s collapse.
The Munich court stated that the board’s decision was “untenable and at odds with the duty of care of a prudent businessman.” This decision represents another setback for Braun, who has had his assets seized and is facing criminal charges stemming from the 2020 insolvency of Wirecard.