Markus Braun, the former CEO of Wirecard, will continue to be held in custody over four years after his arrest. The court’s decision is based on concerns of flight risk and potential tampering with evidence.
The Munich I Regional Court has ruled that Markus Braun, the main defendant in the Wirecard scandal, will remain in custody. The court determined that the conditions for his detention are still valid, citing the risk of flight and obstruction of justice. The court also deemed the continued detention as proportionate. Braun faces charges of organized commercial fraud, breach of trust, market manipulation, and false accounting.
The Wirecard scandal: A major economic fraud case
The Wirecard scandal is one of the most significant fraud cases in Germany’s economic history. The company allegedly inflated its revenue through fictitious transactions, securing loans and eventually reaching the DAX stock index. In June 2020, Wirecard collapsed and filed for bankruptcy.
Markus Braun has been in custody since July 22, 2020, with his trial ongoing since December 2022. According to the court, Braun requested a detention review on July 17 of this year, which was held on August 19. The court decided on Tuesday to extend his pre-trial detention.
Braun denies all charges
The court’s decision noted that Braun’s defense statements have “so far not been confirmed” during the trial. Despite denying all charges, Braun faces the prospect of many years in prison if convicted.
