FT News Briefing Wirecard on trial
Dec 20, 2022
A major settlement sees a U.S. video game developer addressing data privacy claims. In a Munich court, a former Wirecard executive describes the company’s collapse as a ‘sloppily done fraud.’ Meanwhile, Singapore is experiencing a surge in family offices from mainland China, attracting top financial talent. These topics highlight evolving accountability in financial scandals and the strategic moves of wealthy investors seeking stability amid global uncertainties.
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Wirecard Trial Significance
- The Wirecard scandal significantly damaged Germany's reputation as a financial center.
- The trial is important for closure due to the substantial financial losses.
Wirecard Testimony
- Oliver Bellenhaus, a former Wirecard executive, testified against his colleagues in a Munich court.
- He described Wirecard, the collapsed German payments company, as a fraud from the start.
Bellenhaus's Role
- Oliver Bellenhaus, known for his eccentric personality and extreme views, ran the fraudulent business from his apartment.
- He was kept at a distance by other Wirecard employees.