Three former Wirecard executives, including CEO Markus Braun, were ordered to pay 140 million euros plus interest to the former administrator of the insolvent payment group.
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The ruling ends a long-running lawsuit by Wireard administrator Michael Jaffé over losses from loans to fraudulent business partners in Asia.
Braun, former CFO Alexander von Knoop and former product chief Susanne Steidl were held personally liable for the losses they incurred as a result of an unsecured $100 million loan and the purchase of securities bonds from a supposed outsourcing company in Singapore only were created a few months before Wirecard’s collapse.
In its ruling, the Munich court declared that the panel’s decision was “untenable and violated the duty of care of a prudent businessman.”
The news is another personal blow for Braun, whose assets were seized and who continues to face criminal charges over the implosion of Wirecard, which collapsed into bankruptcy in 2020.