Overview

• Michael Jaffé told the Munich court that the €1.9 billion recorded on alleged trust accounts in Southeast Asia was entirely fictitious and never materialized.
• He outlined a €1.1 billion cash burn by Wirecard over several years, portraying the company as reliant on external financing rather than genuine profits.
• Jaffé’s forensic review found no evidence to support Markus Braun’s claim that fugitive Jan Marsalek diverted the missing funds into third-party transactions.
• Prosecutors maintain the balance sheet deficit resulted from fabricated profits, and judges have signaled increasing skepticism about Braun’s innocence.
• The trial, opened in December 2022, will continue with further hearings as the court weighs the significance of Jaffé’s findings.