The house և office of the Wirecard chair was attacked by the German police

German police have raided the home-office of Wolf Matthias, former chair of Wirecard, as a criminal investigation into one of Europe’s biggest accounting fraud scandals escalates.

On Tuesday, officers searched the 76-year-old man’s office in Frankfurt, his home on the outskirts of Germany’s financial center.

According to people familiar with the investigation, the Munich police suspect that Matthias could have facilitated the embezzlement by the management of Wirecard. It is unclear whether prosecutors are investigating former members of the supervisory board.

The infamous payment company was once hailed as a rare German technological breakthrough. Last summer, it was disbanded in a week after finding a cash hole of 1.9 billion euros in the balance sheet.

Matthias, a former senior banker at Credit Suisse in Germany and other lenders, has been chairing Wirecard for more than a decade since 2008. he resigned In early 2020, he remained on the board until the collapse of the company.

He was also the President of Wirecard Bank, a subsidiary of the Munich-based payment group.

Matthias oversaw the growth of Wirecard from a small payment company to a stock exchange giant, which at its peak was worth more than 24 billion euros, replacing Commerzbank in the German blue chip index.

However, half of the company’s revenue ամբողջ all of its profits go to the fake business.

Three former Wirecard executives, including former CEO Markus Brown, who denies any wrongdoing, have been in police custody since last summer.

The Munich prosecutor’s office confirmed the raids but declined to comment further. Holger Matt, a lawyer based in Matthias, Frankfurt, declined to comment.

Matthias has twice been called as a witness by a German parliamentary inquiry into the scandal, but has been acquitted on medical grounds.

After the Financial Times in October 2019 published documents This pointed to a concerted effort to exaggerate sales and profit fraud on Wirecard, and Matthias rejected calls for an independent audit.

In an interview with FT, he called the public discussion of possible Wirecard accounting issues “outrageous” and defended the work of the company’s auditing EY. “We have endless stories [about Wirecard], three a day. I did not look at them in more detail. “We have other things to do,” he said, adding that Wirecard had conducted an independent audit of the allegations that led to Wirecard’s death just days before the Big Four was authorized by KPMG.

In January 2020, Matthias stepped down as chair of Wirecard, and was succeeded by Thomas Eichelmann, former Deutsche Börse CFO, who joined the board in mid-2019.

When he resigned, Matthias said it was “a special honor for me to accompany this extraordinary company և its management team for the last 11 years”, claiming that Wirecard had achieved a “growth” success story that is unparalleled in Germany’s latest economic in history. ” անում was an “international blue chip company”.

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