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The former Wirecard boss is appearing before the German Constitutional Court

The former Wirecard boss is appearing before the German Constitutional Court

According to a press report, former Wirecard chairman Marcus Braun is going to Germany’s Federal Constitutional Court in a dispute with insolvency administrator Michael Jaffe. Braun’s lawyer confirmed this, according to the newspaper “Süddeutsche Zeitung” (Wednesday’s issue). The newspaper quoted lawyer Bernd Wilhelm Schmitz as saying that the complaint against the Higher Regional Court (OLG) in Munich was filed on May 11. The ruling of the Regional High Court in January was invalid.

The court had ordered the arrest of assets against Brown’s private investment firm, and thus in favor of Jaffe. It is about the €35m payment Brown received in spring 2020 a few weeks before Wirecard collapsed from former board member Jan Marsalek.

Jaffe and the Munich Public Prosecutor’s Office suspect that millions were diverted from the group via a series of transactions in order to pass them on to Braun, who was in financial difficulty. Brown stated that he did not know where the money came from.

Wirecard collapsed three years ago after €1.9 billion of business with clients in Asia, which was said to be in escrow accounts, was found not to exist. Austrian CEO Markus Braun and two other senior managers are on trial for mass fraud and misleading capital markets.

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