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Markus Braun: impending "career-impairing reputational damage"
Photo: Fabrizio Bensch / dpa
The image of Markus Braun was better.
Because of critical media reports on Wirecard's insolvency and his role in it, the manager commissioned a law firm specializing in press law and a PR agency.
Braun wanted to have reimbursed the costs incurred for this from his manager's liability insurance - now he has achieved a stage win.
In the dispute over the assumption of costs, the ex-boss of the payment service provider Wirecard has achieved that he "also has the right to be granted provisional insurance cover for PR costs," as stated in a ruling by the Frankfurt Higher Regional Court (OLG) in a corresponding urgent procedure called.
The OLG decided as an appeal body differently than the Frankfurt Regional Court.
Final decision
The district court had given Braun right in the dispute with the insurance company over the assumption of defense and legal costs, but rejected the application for assumption of the PR costs.
The OLG now determined: According to the insurance conditions, PR costs are covered if an insured person is threatened with "reputational damage that would impair their career through critical media coverage of an insured liability insurance case."
This is the case here.
According to the OLG, the decision made in the urgent procedure is incontestable.
The main proceedings in this matter are to be heard in the court on December 1st.
Braun has been in custody since summer 2020.
The Munich public prosecutor's office is investigating him, among other things, on suspicion of gang fraud, falsification of accounts, market manipulation and violations of the Securities Trading Act.
He rejects the allegations made.
The now defunct Wirecard group had granted air bookings amounting to 1.9 billion euros and subsequently filed for bankruptcy.
The payment service provider flew out of the Dax share index.
The Munich public prosecutor suspects commercial gang fraud.
The prosecutors assume that Wirecard has shown fictitious profits since 2015.
File number: 7 U 96/21
apr / dpa
