Food
A Singaporean director of Citadelle Corporate Services has been charged for falsifying letters related to Wirecard.
R. Shanmugaratnam, a director of Citadelle, has been charged by Singapore authorities for «willfully and with intent to defraud» falsifying letters from Citadelle to Wirecard representing that it held money in an escrow account when it did not, as reported on Friday.
The 54-year-old Singaporean is the first person to be indicted in Singapore over the collapse of Wirecard the report said, according to charge sheets filed last month, which were viewed by the news wire. He faces four charges of false statements, each of which carries a maximum 10-year jail term.
Citadelle has been under scrutiny in the Philippines since a Filipino lawyer said he opened six euro bank accounts in the name of his law firm, MKT Law, on behalf of Citadelle. The accounts were supposedly for Wirecard.
According to a previous report on July 3, Singapore Police Force’s (SPF) Commercial Affairs Department (CAD), which deals with white-collar crimes, launched an investigation into Citadelle, payments operator Senjo Group and its subsidiaries after scrutinizing Wirecard’s local operations.
Wirecard is at the center of one of the region’s biggest corporate accounting scandals in recent years, having admitted that €1.9 billion is missing from its financial accounts.
