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The boss is facing the authorities



Following former CEO Markus Braun, the head of a Middle Eastern subsidiary of the insolvent German fintech Wirecard has now been arrested. Another manager is on the move.

Oliver Bellenhaus arrested in Munich on (yesterday). The CEO of the Wirecard subsidiary Card Systems Middle East FZ had previously traveled from his home in Dubai to the Bavarian capital. Bellenhaus is being questioned now, as the British newspaper Financial Times was the first to report.

He is the second member of the board of the German fintech Wirecard who was arrested. Ex boss Markus Braun had previously been released against the bail. The former head of Asia is still on the move Jan Marsalek.

A lot of profit from Dubai

The Dubai subsidiary, managed by Bellenhaus, probably plays a key role in the scandal surrounding the Dax company. The company̵

7;s subsidiary contributed a large part of Wirecard’s operating profit – the step apparently came largely from the partner company Al Alam Solutions. This company is at the center of the allegations of manipulating the balance sheet on Wirecard.

With the former flagship fintech, € 1.9 billion in reported assets has apparently disappeared in thin air. Wirecard has since gone bankrupt.

More and more efforts are being made to eliminate cash. What is tomorrow’s payment method?

  • Cash will stay.

  • Bitcoin will prevail.

  • Gold will make a comeback in small denominations.

  • Soon we will only pay with the credit card.

  • New virtual currencies that we do not know yet.

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