The Wirecard fraud trial, which began in December 2022, has now entered its third year. There is still no end in sight for this monumental case. If the Regional Court Munich works through the scheduled dates for further evidence collection by the end of this year, around 250 trial days will have taken place. So far, more than 170 days have already been held.

This means that a verdict from the court, chaired by Judge Markus Födisch, is not expected this year, but rather in 2026. Nonetheless, 2025 will be a decisive year for the course of one of the largest criminal trials in Germany's economic history. Recently, Födisch proposed to the prosecution that they streamline the extensive indictment by focusing on essential points, in order to accelerate the process. The court has not yet addressed many of the secondary points in the brief. If the panel chooses to focus on these, a verdict could likely be delayed until 2027.

After hearing many witnesses, there are some clues as to the direction of the trial. The court appears to be convinced by the testimony of the prosecution's key witness. Oliver Bellenhaus, the former Wirecard executive in Dubai, who reached an agreement at the start of the trial. The other two former executives of the collapsed payments processor continue to deny the allegations.

The main defendant, former CEO Markus Braun, portrays himself as the victim of criminal actions by others, including Bellenhaus, who allegedly acted behind his back. However, this version does not seem to be accepted as credible by the court. As more witnesses testify, the evidence against Braun has built up. He became entangled in numerous contradictions during his defence. The same applies to the former chief accountant Stephan von Erffa. He too got tangled up in his own words. Födisch's discussions over a possible guilty plea from von Erffa to plead guilty were rejected– which would likely mean a longer sentence for him if he is eventually found guilty.

The potential sentences are severe. Braun and the former chief accountant might face over ten years in prison – not only for their alleged crimes but also for their conduct during the trial. Neither have shown any remorse for the collapse of the company.

The prosecution accuses the defendants of falsifying financial statements, manipulating the market with false information, and misusing internal loans. All of this was intended to present Wirecard's situation in a better light, even though the company was incurring losses. As a result, the lending banks and other financial investors were misled for a long time. According to investigators, the damage to creditors amounts to 3.2 billion euros.

If convicted, the court would take into account Braun's pretrial detention. By August 2025, he would have already served five years in prison. Födisch considers Braun a flight risk, and sees a possibility that he would try to influence witnesses.

Once a fintech rising star from Austria and a billionaire, Braun is now effectively penniless due to the confiscation of his remaining assets. He is considered the leader of the group, which was exposed in spring 2020 following a special audit commissioned by Wirecard’s supervisory board in late 2019, conducted by KPMG.

A conviction of the accused would close the criminal chapter for Braun, but the entire Wirecard affair is far from over. The fugitive former executive Jan Marsalek is believed to be hiding in Moscow. And the court is also considering charges against former CFO Burkhard Ley. It appears that the judiciary still has a significant amount to address in this historic case.