Skip to main content

Philippine authorities investigating the multi-billion dollar fraud at Germany’s Wirecard AG’s have filed criminal complaints against the payment firm’s former chief operating officer as well as others.

Wirecard collapsed last June, owing creditors almost $4 billion, accused by its auditor of a sophisticated global fraud. At one point, it claimed it kept more than $2 billion in two Philippine banks - claims that the Southeast Asian nation's central bank and the lenders have denied.

Philippines Justice Minister Menardo Guevarra said via text message on Saturday complaints filed by the National Bureau of Investigation on May 31 accused the respondents of violating banking, cybercrime, and e-commerce laws as well as falsifying commercial documents.

In addition to Wirecard's former COO Jan Marsalek, Gueverra said complaints were also filed against the M.K. Tolentino Law Office as well as against other entities that he did not name.

The whereabouts of Marsalek, who was fired after auditor EY refused to sign off on Wirecard's accounts, are unknown and Reuters could not immediately reach him for comment.

Mark Tolentino, whose law firm was used by Wirecard to open foreign currency bank accounts with BDO Unibank and Bank of the Philippine Islands, did not respond to requests for comment.

The unravelling of Wirecard, once one of the hottest fintech companies in Europe, has prompted EU financial authorities to propose stricter rules next year for company financial reporting and auditors.

Related Articles

Q&A with Edwin Northover, Debevoise & Plimpton LLP

Debevoise & Plimpton LLP won the Insurance Law Firm of the Year award at the ALB Hong Kong Law Awards 2024, apart from being the sponsor of the Insurance In-House Team of the Year award. Edwin Northover, Asia-based corporate partner and head of the firm’s financial institutions and corporate practices in Asia, talks about the firm's recent achievements, trends in the insurance industry, and future outlook for insurance law in Hong Kong.

Kramer Levin and Herbert Smith Freehills plan latest law firm mega-merger

by Reuters |

U.S. law firm Kramer Levin Naftalis & Frankel and global legal giant Herbert Smith Freehills are planning to merge to create a firm with more than 2,700 lawyers, according to a joint statement on Monday.

Tokyo International makes Singapore debut with SE Asia in its sights

by Sarah Wong |

Japanese boutique Tokyo International Law Office (TKI) is set to establish its first overseas outpost with the opening of a Singapore office in January 2025, marking a significant milestone in the rapidly expanding firm's global strategy.