MUNICH (Archyde.com) – The main prosecution witness in the Wirecard case trial on Monday admitted guilt in the wrongdoings that led to the bankruptcy of the German electronic payments group, while saying that since its inception, the company was a “scam” at the center of which was Markus Braun, the founder and former chairman of the board.
The spectacular collapse of Wirecard two years ago, the biggest accounting scandal of post-war Germany, tarnished the country’s financial reputation and splashed the political sphere.
Oliver Bellenhaus, a former executive of a subsidiary of the group in Dubai, became a key witness for the prosecution following surrendering to German authorities in 2020. He is on trial alongside Markus Braun, who denies any wrongdoing.
The defendants face multiple counts, including fraud and market manipulation, and face sentences of up to 15 years in prison.
Florian Eder, a lawyer for Oliver Bellenhaus, told Archyde.com his client’s cooperation should result in a “very significant reduction” in his sentence.
At the start of the trial this month, prosecutors accused the defendants of being part of a criminal conspiracy that invented vast sums of fictitious income through spurious transactions with corporate partners in order to deceive creditors and investors.
“Little lies became big lies (…) It was a scam from the start,” Oliver Bellenhaus told the court, adding that he deeply regretted his involvement and the damage it caused.
In their testimony last week, lawyers for Markus Braun alleged that Oliver Bellenhaus was the main perpetrator of the fraud at Wirecard.
Oliver Bellenhaus told the court on Monday it was his “blind loyalty” to Markus Braun, whom he described as an “absolutist leader”, that brought him to court in Munich.
A verdict is not expected until 2024 at the earliest.
(Report Christina Amann, with the contribution of Marta Orosz, written by Tom Sims; French version Augustin Turpin, edited by Kate Entringer)
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