08 Dec 2020
A Singapore businessman faces fresh accusations that he falsely claimed to look after money for Wirecard AG, taking the amount covered by a series of charges to 1.2 billion euros ($1.5 billion), equivalent to more than half of the cash missing from the disgraced German payments company.
R. Shanmugaratnam, a director of Citadelle Corporate Services Pte, was charged with three counts of falsifying letters from Citadelle erroneously representing that the Singapore accounting firm held certain amounts of cash in escrow accounts.
The additional allegations concern 377.5 million euros in total, according to court documents seen by Bloomberg News. They bring the total number of charges to 14, adding up to about 1.2 billion euros in cash, calculations show. The acts took place during 2016 through 2018, according to official documents.
Shanmugaratnam is the first person to be indicted in the city-state over the spectacular collapse of Wirecard. His lawyer wasn’t immediately available to comment.
By Chanyaporn Chanjareon, Bloomberg, 7 December 2020
Read more at Bloomberg
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet