FALSE LETTERS
Both men had taken instructions from senior Wirecard executives, then issued several false confirmation letters, and intentionally misrepresented to auditors that the Wirecard AG had hundreds of millions in euros held in Citadelle’s escrow bank accounts in Singapore.
Prosecutors said that at all material periods mentioned in letters, Citadelle had not held any money for Wirecard AG.
“The scale of the falsification is unprecedented,” Deputy Public Prosecutors Gordon Oh, Alexandria Shamini Joseph and Louis Ngia, who had earlier asked for between eight-and-a-half and 10 years’ jail for Shanmugaratnam and six to seven years’ jail for O’Sullivan.
The prosecution said that the balances misrepresented in each confirmation letter ranged from 20 million euros (S$30 million) to about 327.5 million euros, describing the individual sums alone as “significant”.
