Wirecard Officially Terminates Employment Contract of Former CEO Markus Braun

Wirecard AG (WDI:DE) has posted a notice today that it has officially terminated the employment contract of Dr. Markus Braun who resigned earlier this month following the revelation of £1.9 billion in missing funds. Braun has since been arrested on fraud charges. Currently, he is out on bail.

Wirecard’s statement was brief – if rather delayed:

“The Supervisory Board of Wirecard AG today terminated with immediate effect the employment contract of Dr. Markus Braun. On 19 June 2020, in mutual consent with the Supervisory Board of Wirecard AG, Dr. Markus Braun resigned with immediate effect as member of the management board.”

Wirecard is in the midst of bankruptcy proceedings as it attempts to sort out the financial scandal.

It was reported earlier today that lenders provided credit to Wirecard are seeking buyers for €200 million in loans at a severely discounted rate.

Bloomberg has reported that Wirecard’s employees have seen their pay delayed due to insolvency.

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