Overview

• Over three days at Munich’s Landgericht München I, insolvency administrator Michael Jaffé presented the findings of his five-year investigation into Wirecard’s collapse.
• Jaffé testified that post-collapse operations incurred a €1.1 billion cash burn without generating profits, undermining Markus Braun’s argument of a viable business.
• He stated that the €1.9 billion recorded on trust accounts in Southeast Asia did not exist and that the purported third-party processing business was entirely fabricated.
• Presiding Judge Markus Födisch ruled that attributing missing funds to fugitive co-defendant Jan Marsalek would not absolve Markus Braun of liability.
• Markus Braun, detained since July 2020, maintains his innocence by blaming Marsalek for the missing funds—a claim Jaffé said he found no evidence to support.