Over US$2.1B Wirecard controversy

THE Department of Justice (DOJ) has recommended the filing of appropriate charges against a former assistant manager of the Bank of Philippine Islands (BPI) who was implicated in the US$2.1 billion Wirecard controversy.

In a press briefer, the DOJ said Joey dela Cruz Arellano a. k. a. “Joey Cruz Arellano” is facing four counts for four falsified bank certificates and two counts of violation of Section 55.1(a) in relation to Section 56.1 of Republic Act No. 8971 (The General Banking Act of 2010) in relation to Section 36 of RA 7653 as amended by RA 11221 (New Central Bank Act.)

The DOJ dismissed the charges against the other respondents, Atty. Mark Kristopher G. Tolentino, Judith Singayan Pe, and Jan Marsalek for lack of probable cause.

Wirecard hogged international news after the troubled German payment service provider reported a missing sum of 1.9 billion Euros or US$2.1 billion.

The scandal led to the firing and later arrest of Wirecard executive John Marsalek. The company’s CEO, Markus Braun, also resigned from his post and was arrested.

Wirecard AG was once regarded as a star of the growing financial technology sector, but its shares fell sharply after the company became the subject of multiple Financial Times reports about accounting irregularities in its Asian operations.

Wirecard disputed the reports, which started in February 2019, and said it was the victim of speculators.

AUTHOR PROFILE

Hector Lawas