Former Wirecard boss arrested

The former chief executive of Germany's Wirecard, Markus Braun, has been arrested.

Ex-Wirecard-Chef festgenommen
dpa

Munich (dpa) - The former chief executive of Germany's Wirecard, Markus Braun, has been arrested, prosecutors in Munich said on Tuesday, as the company spirals deeper into crisis over hundreds of millions of euros in missing funds.

Shares in the DAX-listed payment services company have been in freefall since last week, when a 1.9-billion-euro (2.1-billion-dollar) hole emerged in its balance sheet.

Braun is accused of having inflated Wirecard's total assets and sales revenues.

The Munich prosecutor's office said the arrest warrant had been issued on Monday. "He turned himself in," a spokeswoman said.

An administrative court is set to decide over the course of Tuesday on how long Braun will be held in custody.