Written By As a journalist, I can report that Markus Braun, the former CEO of Wirecard, allegedly told the company’s top lawyer that compliance was “crap,” according to testimony heard in court. The lawyer, was responsible for ensuring that the company complied with legal and regulatory requirements, reportedly raised concerns about Wirecard’s compliance practices with Braun in 2018. However, Braun allegedly dismissed these concerns and told the lawyer that compliance was not a priority for the company.
This testimony was heard in a Munich court, where Braun is currently on trial for his role in the accounting scandal that led to Wirecard’s collapse. The scandal involved the company inflating its revenue and profits in order to deceive investors and lenders. Wirecard filed for insolvency in June 2020, and its shares lost almost all of their value.
The testimony about Braun’s attitude towards compliance is significant because it suggests that the company’s leadership may have been willing to overlook legal and regulatory requirements in order to achieve its business goals. This raises questions about the culture and values of the company, and whether its leaders prioritized short-term financial gains over long-term sustainability and ethical behavior.
As a journalist, it is important to verify information and sources before reporting on them. In this case, the testimony was heard in court, which provides a level of credibility and reliability. However, it is also important to consider the context and potential biases of the sources, and to seek out multiple perspectives and viewpoints in order to provide a balanced and accurate report.
Overall, this story highlights the importance of compliance and ethical behavior in business, and the potential consequences of ignoring legal and regulatory requirements. It also raises questions about the role of leadership in shaping a company’s culture and values, and the need for transparency and accountability in corporate governance.
