Wirecard ex-CEO Braun loses lawyer as legal funds dry up

Wirecard AG

05/06/2024 13:14

MUNICH, June 5 (Reuters) - Former Wirecard CEO Markus
Braun, on trial for one of Germany's biggest corporate scandals,
has lost his main lawyer after the insurance funds to cover his
mounting legal costs ran dry, a court document and statements
from the lawyer showed on Wednesday.
    Braun had been represented by attorney Alfred Dierlamm to
defend himself against charges of fraud and falsifying accounts
in a trial in a Munich court that began in 2022. He denies all
charges. 
    Dierlamm's exit means Braun will now be represented by
state-funded lawyers to prove his innocence after the
spectacular collapse of the online payments company in 2020 that
shook Germany's business and political establishment. 
    Wirecard filed for insolvency in 2020, owing creditors
almost $4 billion, after disclosing a 1.9 billion euro ($2.06
billion) hole in its accounts that auditor EY said was the
result of sophisticated global fraud.
    Dierlamm resigned after the insurance money to cover legal
fees was used up. 
    "The pot is empty," he told Reuters. 
    Dierlamm is considered one of Germany's most prominent
defence lawyers having participated in numerous commercial
proceedings including the VW diesel emissions scandal.
    ($1 = 0.9207 euros)

 (Reporting by Jörn Poltz; writing by Matthias Williams; editing
by Jason Neely)
 ((matthias.williams@thomsonreuters.com;))