Philippines Targets Ex-Wirecard COO

1 min readUpdated May 26, 2025Jun 7, 20215:55 AM

In this article (5)

The Wirecard scandal continues to unravel as authorities in the Philippines file criminal complaints against its former chief operating officers and others.

The Philippine’s National Bureau of Investigation (NBI) filed criminal complaints against individuals involved in the Wirecard scandal over accused violation of banking, cybercrime and e-commerce laws, according to a report citing a text message from Justice Minister Menardo Guevarra.

NBI recommended charge against ex-Wirecard COO Jan Marsalek, Manila-based lawyer Mark Tolentino, Joey Dela Cruz Arellano, Judith Singayan Pe, and other unnamed individuals, according to a separate statement from the prosecutor general’s office.

If found guilty, the charged individual could face up to 12 years of imprisonment and a maximum fine of around $42,000.

Wirecard continues to face the aftermath of a scandal involving 1.9 billion euros ($2.3 billion) of missing funds despite documents that allege its previous existence and witness by auditor EY.

Tolentino’s law firm was used by Wirecard to open foreign currency bank accounts with BDO Unibank and Bank of the Philippine Islands (BPI) – the two banks that the German firm claimed held the now missing funds.

Arellano is being accused of issuing forged documents confirming that Wirecard held cash at BPI and receiving payments for the task by Pe and other unnamed individuals.

AdvertisementAdvertise with usMobile 320×100

What this means

This aggressive pursuit by the Philippines against Wirecard's ex-COO demonstrates a clear intent to hold high-level executives accountable for financial malfeasance in Asia. While this specific case involves a payment processor, the robust response from the NBI, echoing past regulatory pressures on foreign entities operating locally, sets a precedent. Companies, especially those engaging in complex cross-border financial transactions like Chagee Holdings' Southeast Asia expansion or Panpuri's broader Asian growth, must ensure meticulous oversight of their local partners. The risk of reputational damage and legal repercussions for inadequate due diligence is increasingly severe. Watch for any official updates regarding the sentencing or fines imposed.

Sarah Chen · Retail News Asia newsroom

Questions & Answers

Which specific laws are the individuals accused of violating in the Philippines?

The criminal complaints filed by the Philippine's National Bureau of Investigation allege violations of banking, cybercrime, and e-commerce laws. This information comes from a report citing a text message from Justice Minister Menardo Guevarra.

What is the maximum penalty an individual could face if found guilty of these charges?

If found guilty, a charged individual could face up to 12 years of imprisonment. Also, they could receive a maximum fine of around $42,000 for their involvement in the scandal.

How was lawyer Mark Tolentino's firm involved in the Wirecard scandal?

Tolentino's law firm was allegedly used by Wirecard to open foreign currency bank accounts with BDO Unibank and Bank of the Philippine Islands. These are the two banks where the German firm claimed the now missing funds were held.

What role is Joey Dela Cruz Arellano accused of playing in the missing funds scandal?

Arellano is accused of issuing forged documents which confirmed Wirecard held cash at BPI. The article states that he allegedly received payments for this task from Pe and other unnamed individuals.

Reader pulse

Does this prosecution deter financial fraud in Asia?

18,621 votes so far