Wirecard 2014 - 2025

Thilagaratnam S/O Rajaratnam ("Thilagaratnam"), a 60-year-old Singaporean citizen, sole director of Strategic Corporate Investments Pte Ltd ("Strategic"), pleaded guilty and was convicted on January 11, 2024, of failing to exercise reasonable care in the performance of his official duties. On February 7, 2024, he was sentenced to four weeks' imprisonment and disqualified from acting as a director for five years.

Thilagaratnam's brother is R Shanmugaratnam, a director of Citadelle Corporate Services Pte Ltd ("Citadelle"). Citadelle provided corporate secretarial services, and its clients included companies owned by James Henry O'Sullivan ("O'Sullivan"). O'Sullivan is the beneficial owner of Strategic.

Between March 29, 2016, and April 7, 2018, following requests from Wirecard AG's auditors to confirm the amounts Strategic held in its bank accounts on behalf of Wirecard AG, R. Shanmugaratnam drafted seven letters from Strategic to Wirecard AG. These letters indicated that Strategic held amounts ranging from €29,940,119.76 to €54,718,880.76 at the end of various financial years. In reality, Strategic did not hold these amounts at the time.

Thilagaratnam admitted that he signed the seven letters at R. Shanmugaratnam's request without making any effort to verify Strategic's bank account balances. While unaware of the purpose of the letters or the matters mentioned therein, he did not request information from R. Shanmugaratnam, O'Sullivan, or O'Sullivan's employees.

O'Sullivan has been charged in court with related offences for his role in Strategic's issuance of such letters addressed to Wirecard AG. O'Sullivan and R Shanmugaratnam have also been charged with offences relating to similar letters sent by Citadelle to Wirecard entities, and the court proceedings are ongoing.

James Henry O'Sullivan ("O'Sullivan"). O'Sullivan is the beneficial owner of Strategic.