The criminal trial of former Wirecard chief Markus Braun has stretched into its fourth year, eclipsing the timelines of high‑profile fraud cases in the United States. Since December 2022, a Munich panel has held more than 260 court sessions, examined thousands of documents and questioned over 220 witnesses to untangle a cross‑border scheme that spanned Asia and dozens of shell companies. Braun continues to deny wrongdoing, portraying himself as a victim.

Germany’s fragmented federal system and rigid criminal procedure amplify such delays. Police, tax and customs agencies operate under separate state jurisdictions, limiting information sharing, while judges must independently re‑examine every piece of evidence under the “principle of immediacy.” These rules force repeated witness testimony, eroding memory and opening grounds for appeals, as seen in a recent insider‑trading retrial.

Prolonged proceedings undermine investor confidence in German oversight, a concern for firms reliant on capital markets. The Wirecard saga, which wiped out roughly €3.9 billion in market value, illustrates how procedural inertia can stall restitution and keep key executives detained for years. Critics argue the system now threatens the rule of law more than it protects defendants.