Singaporean exec charged over Wirecard scandal

Director of Citadelle Corporate Services, R. Shanmugaratnam was charged in Singapore for making false statements about Wirecard. He wrote letters that claimed the company held money in an escrow account when in fact it did not.

Shanmugaratnam faces for charges for making false statements with each carrying a maximum penalty of ten years imprisonment.

Citadelle was one of the Singapore entities implicated in the multi-layer financial fraud at the German payments group Wirecard. The Monetary Authority of Singapore (MAS) was investigating Citadelle for its connection to the scandal and alleged falsified accounts.

Wirecard Card Solutions

Since the Wirecard scandal blew up six weeks ago, CEO Markus Braun and other executives have been arrested. The company’s second in command and believed to be the mastermind behind the scandal Jan Marsalek, however, is still missing. He was thought to be hiding in the Philippines until recently but was discovered that immigration data that pointed to him being there was falsified. There is speculation that he is hiding in Russia.

The German market regulator BaFin is currently being sued by investors for overlooking the signs of the financial collapse and “gross disregard of their duties and powers”.


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