DSingapore, the financial center of Southeast Asia, reports that its actions against failed German financial service providers have achieved initial success Line card: On Wednesday, British businessman James Henry O’Sullivan was videotaped in a Singapore court. He was accused of inciting Shanmugaratnam Rajaratnam, the head of Citadelle Corporate Services at Peninsula Plaza, an accounting firm in the suburbs of Singapore’s financial district, to forge documents.
Citadelle has worked at Wirecard for many years.The British arrested in Singapore on Monday is a confidant of a former Wirecard board member who went into hiding Jan Masalek To apply, the boss of Citadelle is said to have sent a letter from his company to a Wirecard subsidiary called Cardsystems Middle East FZ. According to the official newspaper The Straits Times, the Englishman lives with his family in this wealthy city-state, where his wife works and his daughter goes to school in Singapore.
In the letter, it is said that Citadelle has confirmed that it held 86.4 million euros worth of funds in the escrow account at the end of 2016-this is not true. The 46-year-old lawyer asked him to be released on bail, after all, he helped the well-known and very strict investigation by the Singaporean authorities. Prosecutors and judges refused bail on the grounds of impending power outage risk. O’Sullivan can contact other suspects and must be detained for at least one week. Another trial will be held on September 8.
The first trial of Shanmugaratnam was subsequently held on September 23. He only left Citadelle in July this year, but continued to hold other directorships in the city. The 55-year-old was charged with 14 crimes involving 1.2 billion euros. If found guilty, he will face long-term imprisonment in Singapore Changi Prison. The prosecutor suspects that Citadelle’s boss has written a total of 14 letters to German Wirecard AG, its subsidiaries and auditors. It is said that he talked about Wirecard’s trust account in Citadelle between 2015 and 2017. But investigators explained that none of these exist.
In June last year, Wirecard AG went bankrupt after apparently losing 1.9 billion euros in its account. In the huge fraud case, their shareholders lost at least 20 billion euros. Banks and major investors complained of losses of more than 3 billion euros. The Monetary Authority of Singapore (MAS), the Central Bank of Singapore, closed Wirecard Singapore only at the end of September last year. Wirecard has processed payment transactions for more than 1,900 customers, from cafes to major hotel chains.
