On 2 September 2021 it was announced that a British businessman had been arrested in Singapore over alleged links to a fraud connected with the collapsed German payments group Wirecard.
Fraud | Rosenblatt’s Financial Crime Team
The businessman, Henry O’Sullivan, an adviser to Wirecard in Asia is facing ten years in prison, a fine or both for his role in sending a false letter to one of the firm’s subsidiaries in the Middle East. Mr O’Sullivan was arrested last Monday and appeared in court last week.
Mr O’Sullivan has been accused of instructing Singaporean company Citadelle Corporate Services to forge a letter claiming that it held £74m in an escrow account in 2016. The letter was addressed to Cardsystems Middle East FZ, a Wirecard subsidiary based in Dubai. The Singaporean authorities however, have stated that Citadelle did not manage this account.
It is alleged that Mr O’Sullivan colluded with Citadelle director R Shanmugaratnam who is alleged to have sent over a dozen letters to Wirecard, its subsidiaries and an audit firm claiming that it held huge amounts of money in escrow accounts between 2015 and 2017.
Wirecard was founded in 1999 and originally hailed as one of Germany’s great technological advances until it collapsed last year after it found a £1.7bn black hole in its accounts. Wirecard bosses admitted at the time that they could not find the money that was supposedly held by Asian banks.
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(Sources: British man arrested in Singapore over links to Wirecard fraud case | This is Money, The Wirecard Scandal Explained – Accountancy Careers)
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