Wirecard : British businessman arrested on Wirecard-linked fraud charges
September 02, 2021 at 12:20 pm EDT
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A British businessman has been arrested and charged in Singapore with fraud for allegedly instructing a company, with ties to the collapsed Germans payments company Wirecard, to forge a letter according to widespread reports.
James Henry O’Sullivan has been accused of ordering accounting firm Citadelle Corporate Services to fabricate a document, according to the Financial Times.
The letter was addressed to Cardsystems Middle East FZ, a Wirecard subsidiary based in Dubai, and the contents included claims that Citadelle held over $100m in an escrow account.
O’Sullivan, who was arrested on Monday and appeared in court on yesterday, risks a penalty of up to ten years in jail, a fine, or a combination of both, if he is found guilty.
He is also suspected of having several ties to Wirecard, a German payments company which collapsed last year after revealing a £1.7bn hole in its accounts, including with its former chief operating officer, Jan Marsalek, who is now a fugitive.
O’Sullivan worked with Wirecard in at least one partnership in Asia and, according to the Financial Times which disclosed the accounting scandal, was a key player in driving some of the group’s deals. Other firms linked to O’Sullivan were recipients of large loans from Wirecard too.
The British businessman has been remanded for a week at the Central Police Division in Singapore, and his case adjourned until September 8.
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Wirecard AG is a Germany-based provider of electronic payment and risk management applications with focus on the development and provision of technologies and services for payment transactions. It operates through three segments: the Payment Processing and Risk Management (PP&RM) segment, which accounts for all products and services for electronic payment processing and risk management; the Acquiring & Issuing (A&I) segment, which comprises the activities of Wirecard Bank AG, including credit card issuing and credit card sales revenues statements for online and terminal payments, as well as offers processing of clients' payment transactions via accounts kept with Wirecard Bank AG, and the Call Center & Communication Services (CC&CS) segment, which offers all products and services related to call center-supported relationship management of corporate and private customers, including after-sales service and mailing activities, among others.