A director of Citadelle Corporate Services has been charged for falsifying letters related to Wirecard.
Singapore authorities have charged R. Shanmugaratnam for falsifying letters from Citadelle to Wirecard, representing that it held money in an escrow account when it did not, «Reuters» reported on Friday.
The 54-year-old Singaporean is the first person to be indicted in Singapore over the collapse of Wirecard. According to charge sheets filed last month, Shanmugaratnam faces four counts of providing false statements, each of which carries a maximum 10-year jail term.
Wirecard is at the center of one of the region's biggest corporate accounting scandals in recent years, having admitted that €1.9 billion is missing from its financial accounts. The firm's CEO Markus Braun as well as other top executives have been arrested, while former operating chief Jan Marsalek remains missing.
Widening Scandal
Citadelle has been under scrutiny in the Philippines since a Filipino lawyer said he opened six euro bank accounts in the name of his law firm, MKT Law, on behalf of Citadelle. The accounts were supposedly for Wirecard.
According to a «Reuters» report last month, Singapore’s Commercial Affairs Department (CAD), which deals with white-collar crimes, launched an investigation into Citadelle, payments operator Senjo Group and its subsidiaries after scrutinizing Wirecard's local operations.
