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Financial fraud update

A British businessman who provided consulting services to Wirecard in Asia was arrested in Singapore and charged with instructing another company associated with the failed German payment group to forge a letter.

According to a complaint seen by the Financial Times, 46-year-old Henry O’Sullivan allegedly instructed the local company Citadelle Corporate Services to forge a document.

According to the allegations, O’Sullivan was arrested on August 30 and appeared in court on Wednesday for abetting charges. He asked Citadelle’s Singapore director R Shanmugaratnam to send a letter to Cardsystems Middle East FZ, a subsidiary of Wirecard, headquartered in Dubai. sheet.

According to the fee schedule, the letter stated that as of December 2016, Citadelle held a balance of 86.4 million euros in the escrow account, “and Citadelle does not actually maintain the account.” The authorities did not specify who should own the funds in the escrow account.

If convicted, O’Sullivan will face up to 10 years in prison, fines or both. The businessman’s lawyer declined to comment.

The British man is suspected of having multiple connections with Wirecard, a German payment group that went bankrupt in June last year after disclosing a 1.9 billion euro loophole in its balance sheet. This is the largest accounting fraud in the country’s history. one.

O’Sullivan has established at least one partnership with the company in Asia and has played Key role According to documents seen by the British “Financial Times”, in some transactions of this German group. As a hunting enthusiast and prolific deal maker, he is also in contact with Wirecard’s former COO and current fugitive Jan Marsalek.

Companies related to O’Sullivan received Large loan From Wirecard. According to the appendix to the forensic audit conducted by KPMG on Wirecard, Wirecard Bank’s loan documents describe O’Sullivan as “personally familiar to Wirecard executives and possess impeccable integrity”.

The British case has been postponed until September 8, and the judge ordered him to be remanded at the Singapore Central Police Station for a week.

He is the second person in Singapore to be charged in the Wirecard scandal. The city-state sued Shanmugaratnam on 14 counts of forging accounts.

The 55-year-old Singaporean allegedly sent 14 letters from Citadelle to Wirecard, its subsidiaries and an auditing company, “misrepresenting that Citadelle held a large number of Funds, and Citadelle actually did not keep such accounts or held such balances in its accounts according to a statement by the Singapore Police.

Shanmugaratnam’s pre-audit meeting is scheduled to be held on September 23. He has not yet filed a defense. His lawyer declined to comment on the allegations related to O’Sullivan.

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