FRANKFURT, July 9 — On the night of June 18, Wirecard AG’s new compliance chief stayed up late at his office in the company’s low-rise headquarters in the Munich suburb of Aschheim to pore over the payment firm’s books. It was James Freis’ first formal day on the job after his start date...
A screen grab from a video July 8, 2020 shows four members of the management board of Wirecard AG Chief Product Officer Susanne Steidl, former CEO Markus Braun, Chief Financial Officer Alexander von Knoop and current CEO James Freis in Aschheim, near Munich, Germany June 19, 2020. — Wirecard handout pic via Reuters
Over the following week, the 49-year old American was involved in a rapid wave of decisions that culminated in Wirecard filing for insolvency, according to people involved in talks on restructuring its debts. In the end, the process left creditors with scant hope of recovering US$4 billion they are owed and investors holding shares that were nearly worthless.
The former chief operating officer, Jan Marsalek, remains at large and his whereabouts are unknown. His lawyer declined to comment. The company fired Marsalek on June 22. That evening, Wirecard suspended Marsalek, the COO, and announced Freis would assume his new post with immediate effect.
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