Late in the spring of 2020, Jan Marsalek, an Austrian bank executive, was suspended from his job. He was a widely admired figure in the European business community— charismatic, trilingual, and well travelled. Even at his busiest, as the chief operating officer of Wirecard, Germany’s fastest-growing financial-technology company, he would assure subordinates who sought a minute of his time that he had one, just for them. “For you, always,” he used to say. But he would say that to almost everyone.
Marsalek’s identity was inextricable from that of the company, a global payment processor that was headquartered outside Munich and had a banking license. He had joined in 2000, on his twentieth birthday, when it was a startup. He had no formal qualifications or work experience, but he showed an inexhaustible devotion to Wirecard’s growth. The company eventually earned the confidence of Germany’s political and financial élite, who considered it Europe’s answer to PayPal. When Wirecard wanted to acquire a Chinese company, Chancellor Angela Merkel personally took up the matter with President Xi Jinping.
Then, on June 18, 2020, Wirecard announced that nearly two billion euros was missing from the company’s accounts. The sum amounted to all the profits that Wirecard had ever reported as a public company. There were only two possibilities: the money had been stolen, or it had never existed.
The Wirecard board placed Marsalek on temporary leave. The missing funds had supposedly been parked in two banks in the Philippines, and Wirecard’s Asia operations were under Marsalek’s purview. Before leaving the office that day, he told people that he was going to Manila, to track down the money.
This story is from the March 06, 2023 edition of The New Yorker.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 06, 2023 edition of The New Yorker.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
STUNTED
\"The Fall Guy.\"
MOTHERS OF US ALL
Paula Vogel's \"Mother Play,\" Shaina Taub's \"Suffs,\" and Amy Herzog's \"Mary Jane.\"
PURE PLEASURE
The \"Radical Optimism\" of Dua Lipa.
PARADISE LOST
The search for a home that never was in Claire Messud's new novel.
ORIGIN STORY
What do we hope to learn from our prehistory?
DEATH IN VENICE
At the Biennale, the past dignifies the weird, desperate present.
WE'RE NOT SO DIFFERENT, YOU AND I
\"You'll never get away with this!\" Ultra Man vowed as he wriggled in his chains. \"You may destroy me, but you'll never destroy what I stand for!\"
STONES OF CONTENTION
The British Museum faces accusations of cultural theft-and actual theft.
A CAMPUS IN CRISIS
Dissent and defiance at Columbia's pro-Palestine protests.
ARROW RETRIEVER
I am an arrow retriever. After a batrows are costly and time-consuming to make. It seems like a terrible waste-and maybe even a sin―for an arrow to fall to the ground without hitting someone. Even if the arrow kills somebody, it can be reused to kill someone else. As Randolf the Scot famously said, \"Arrows don't grow on trees.\"