The 54-year-old Singaporean is the first person to be indicted in the city-state over the spectacular collapse of Wirecard. The German digital-payments company filed for insolvency in June after saying that 1.9 billion euros ($3.09 billion) previously reported as cash didn’t exist.
Singapore has laid its first charges in the Wirecard AG scandal, accusing a director of Citadelle Corporate Services Pte of falsifying accounts.
R. Shanmugaratnam was charged with “wilfully and with intent to defraud” falsifying letters from Citadelle to Wirecard representing that the Singapore firm held tens of millions in euros in escrow accounts, according to charge sheets filed last month and seen by Bloomberg News.
