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Two ex-Wirecard Asia employees in Singapore get jail time

Bloomberg
Updated ·1-min read
The Wirecard AG logo sits on the company's headquarters in Munich, Germany, on Thursday, June 25, 2020. Photographer: Andreas Gebert/Bloomberg
The Wirecard AG logo sits on the company's headquarters in Munich, Germany, on Thursday, June 25, 2020. Photographer: Andreas Gebert/Bloomberg (Bloomberg)

By Chanyaporn Chanjaroen

(Bloomberg) — Two ex-employees of Wirecard Asia Holdings Pte were handed prison terms in Singapore for their roles in conspiring to misappropriate money.

James Aga Wardhana was sentenced to 21 months in jail and Chai Ai Lim to 10 months by a Singapore state court on Tuesday. The two former finance executives were active participants and “not merely the proverbial arms and legs of the scheme,” deputy public prosecutor Vincent Ong said.

The criminal convictions are the first related to the massive fraud at the payments firm. In April, EY’s German business was banned for two years from accepting major new audit mandates after it failed to uncover fraud at Wirecard AG.

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Wirecard AG filed for bankruptcy in 2020 after acknowledging that 1.9 billion euros ($2 billion) it had listed as assets probably didn’t exist. The German firm’s units that operated in Singapore had been asked to cease their payment activities in 2020.

©2023 Bloomberg L.P.