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SINGAPORE (BLOOMBERG) – Singapore authorities added three other counts of fraud against the head of a local accounting firm in a case involving German payments firm Wirecard, which has fallen out of favor.
R. Shanmugaratnam, Director of Citadelle Corporate Services, was charged with three counts of falsifying Citadelle letters that misrepresented that the Singaporean accounting firm had certain amounts of cash in escrow accounts.
The additional indictments refer to 377.5 million euros (S $ 611 million) in total, according to charge sheets seen by Bloomberg News, and bring the total number of charges to 14. Together, the charges involve about 1,200 million euros in cash, according to calculations. , more than half the amount missing in the company, although they cover different periods of time.
Shanmugaratnam of Citadelle is the first person to be charged in Singapore for the spectacular collapse of Wirecard, which has reverberated around the world.
Wirecard filed for bankruptcy in June after acknowledging that € 1.9 billion it had listed as assets did not exist, sparking a global investigation. Singapore is home to Wirecard’s Asia-Pacific headquarters and the company had been aggressively expanding in the region, accounting for nearly 45 percent of the group’s reported revenue in 2018, second only to Europe.
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