Wirecard Scandal: Singapore Court Sentences Key Figures

R Shanmugaratnam and James Henry O'Sullivan were sentenced for their involvement in a fraud linked to Wirecard AG. Shanmugaratnam was sentenced to 10 years, while O'Sullivan received six-and-a-half years. Both were convicted for falsifying documents that misrepresented financial holdings of Wirecard in Singapore.

An Indian-origin Singaporean and a British national have been sentenced for their roles in a fraudulent scheme involving Wirecard AG. The sentencing took place on Tuesday in Singapore, with R Shanmugaratnam receiving a 10-year sentence and James Henry O'Sullivan getting six-and-a-half years, according to Channel News Asia.

Shanmugaratnam, a director at Citadelle Corporate Services, and O'Sullivan, who sought Citadelle's assistance for company services, were found guilty of falsifying documents that falsely claimed Wirecard had significant funds in Singapore bank accounts. This fraud was orchestrated under the guidance of high-ranking Wirecard executives.

The convictions highlight the unprecedented scale of document falsification, with forgery amounts ranging from 20 to 327.5 million euros. While the men plan to appeal, the case underscores the financial scandal leading to Wirecard's insolvency in 2020.

(With inputs from agencies.)