The former CEO of Wirecard, who oversaw the company’s development and spectacular fall two years ago, went on trial for fraud on Thursday, following a scandal that rattled German politics and damaged the country’s commercial reputation.
Former CEO Markus Braun, 53, has been in custody since his 2020 arrest, together with two other managers of the former blue chip business, facing charges including fraud and market manipulation that carry a maximum 15-year prison sentence if convicted.
Braun entered the courtroom to hear the allegations while holding a laptop, wearing rimless glasses and a dark turtleneck sweater and jacket, and speaking briefly to prove his identity. This was his first public appearance in more than two years.
The trial is being held in the largest and newest courtroom in Munich, a bomb-resistant underground hall constructed within the Stadelheim prison complex.
Braun, a Viennese-born Austrian, has denied embezzling money from Wirecard and accused others of operating a shadow business without his knowledge.
The earliest verdict is not expected until 2024.