Adrian JohnsonTLDR:
- Two former Wirecard executives, Alexander von Knoop and Susanne Steidl, have been charged with embezzlement in Germany.
- Wirecard collapsed in June 2020, revealing a 1.9 billion euro hole in its balance sheet and sparking investigations.
In the latest development of the ongoing Wirecard scandal, German prosecutors have charged two more former executives, Alexander von Knoop and Susanne Steidl, with several counts of embezzlement. This comes after Wirecard collapsed in June 2020 due to a significant hole in its balance sheet, which revealed the extent of the financial irregularities within the company and raised questions about the oversight from regulators and politicians.
The charges against von Knoop and Steidl allege that they were involved in approving loans and payments, even in situations where repayment was questionable and interest payments were in arrears. The state prosecutor’s office stated that these actions led to losses of several hundred million euros for Wirecard AG. CEO Markus Braun, deputy finance chief Stephan von Erffa, and Wirecard’s Asia representative Oliver Bellenhaus are currently on trial for alleged fraud and falsifying financial statements.
While von Knoop’s law firm claims he was not aware of any wrongdoing, Steidl’s legal representatives have not commented on the charges. The decision on whether von Knoop and Steidl will stand trial is pending. This latest development illustrates the ongoing legal ramifications stemming from the Wirecard scandal and emphasizes the importance of accountability and transparency in corporate governance.
