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The Financial Services COO Who Became a Spymaster for Putin

The Financial Services COO Who Became a Spymaster for Putin

The Supply Times Issue #77

Naseem Malik
May 01, 2025

Hello again, dear readers!

Buckle up for a wild ride as we dive into the thrilling intersection of corporate scandal and international espionage! In this issue, I cover the astonishing story of Jan Marsalek, the former Wirecard COO who transformed from a disgraced executive fleeing fraud charges into a key player in a Bulgarian spy ring, taking direct orders from Russian intelligence.

Also, I explore new research showing how the Anglosphere—Canada, the US, and the UK—leads the world in remote work, with some interesting insights on how this is driven by our individualist culture; as opposed to the collectivist cultures found in places like China and South Korea.

This issue features the usual bunch of AI Insights and recommendations for the week's podcasts, books, shows, charts, and tweets, followed by a final chuckle.

This issue of The Supply Times is brought to you by Carbon Report, the easiest way to capture Scope 3 emissions data in your procurement process. The best part? Collecting and storing this data from suppliers is free for procurement users. Sign up for a free account on their website, or book a demo directly with their founder, here.

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Industry Highlights: The Curious Case of Jan Marsalek

Imagine this: you're the former COO of a payment processor and financial services provider that collapsed after it was found to be conducting fraudulent business practices. After a career disaster like this, most people would keep a low profile, lick their wounds, and lawyer up. But not this guy—Jan Marsalek decided to dive headfirst into a dangerous Bulgarian spy ring, taking orders directly from Moscow. Here’s what happened.

After the spectacular downfall of Munich-based Wirecard, where €1.9 billion vanished into thin air, Marsalek fled to Russia to escape prosecution. But instead of hiding out in anonymity, he reinvented himself as a consultant for Russian military intelligence, the GRU, and the FSB, the country's domestic intelligence agency. This was no ordinary fugitive story. I’ve drawn the below from a report in the Financial Times.

Image: German wanted poster of Jan Marsalek.

In September 2021, Marsalek engaged in a rather unusual Telegram chat with Orlin Roussev, a Bulgarian IT expert based in Great Yarmouth, UK. They discussed the logistics of kidnapping a Russian fugitive hiding in Montenegro. “We don’t mind if he dies by accident,” Marsalek quipped, but preferred that he “finds his way to Moscow.” This casual banter was just the tip of the iceberg in a network that spied on journalists, dissidents, and even Ukrainian soldiers.

Roussev coordinated six operations across Europe, all while Marsalek was in the background, relaying orders from Russian intelligence. Their team included a motley crew of Bulgarians—none of whom looked like spies. Ivanova, a lab technician, and Gaberova, a beautician, blended seamlessly into everyday life, which was precisely the point.

Their base of operations was the Haydee Hotel in Great Yarmouth, a place more akin to a spy gadget warehouse than a family home. When police raided the property, they discovered an arsenal of surveillance tech, GPS trackers, and disguises. Roussev described the place as an “Indiana Jones warehouse.” It was here that the duo plotted various operations, including the audacious plan to surveil a U.S. army base in Stuttgart, believing it would yield valuable intelligence on Ukrainian forces.

But Marsalek’s ambitions weren’t without setbacks. He often questioned the value of their targets, remarking that they were expending resources on people like Christo Grozev, an investigative journalist, simply because “Putin seriously hates him.” But they pressed on, using elaborate techniques straight out of a Hollywood script. Roussev, apparently, had genuinely impressive technical expertise, purchasing, hacking ,and modifying equipment to create surveillance technology such as an ISMI device (a phone eavesdropper) hidden beside the steer wheel of a Chrysler.

The operation’s downfall came when Roussev and his team were arrested, but not before leaving behind a trail of incriminating Telegram messages filled with spy movie references. They styled themselves as the “Q” of their operations, drawing inspiration from James Bond and Mission Impossible.

While the group’s activities were deemed “highly skilled” by authorities, the results were often underwhelming. Surveillance was intrusive, but it yielded little useful intelligence, raising questions about the effectiveness of their efforts. Even Marsalek, who had orchestrated the entire scheme, seemed to realize that the operation was more fantasy than reality.

The dust has settled, but Jan Marsalek remains a wanted man, not just for his role in the Wirecard scandal but now also for his involvement in a spy ring that blurred the lines between fiction and reality. While most would have faded quietly into obscurity, he chose a path filled with a new type of notoriety.

The Future of Work: Remote Work: Boon or Bane for the Economy?

So, it turns out that Canada, the US, and the UK are leading the pack when it comes to working from home. Recent research shows that these countries average more remote workdays than any other economy globally. This trend puts us at odds with China, a major economic rival, where remote work is still quite rare. This raises a big question: does our love for remote work put us at a disadvantage, or is it just a lot of hand-wringing over nothing?

Let’s break down the stats. A survey of 16,000 university grads across 40 countries revealed that Canadians work from home about 1.9 days a week, Brits clock in around 1.8 days, and Americans are at 1.6 days. In contrast, workers in places like France and Denmark barely manage a day at home, while South Koreans are even less enthusiastic, averaging just half a day. So, what gives?

Well, culture plays a big role here. The research suggests that individualistic societies—like those in the Anglosphere—are more comfortable with remote work, as it involves trusting employees to get the job done without constant oversight. This shift has sparked a debate: are we becoming more productive, or are we losing out on valuable in-person interactions?

Critics, like Jamie Dimon from JPMorgan Chase, have voiced concerns about the impact on younger workers. They argue that remote work could stifle mentorship and networking opportunities. However, the reality is a bit more nuanced. While productivity data is mixed, many companies have found ways to balance remote and in-office work, leading to impressive growth in recent years.

On the flip side, working from home has its perks. For starters, it’s made housing more affordable for many, as people can live further from city centers without the daily commute dragging them down. This shift has changed the real estate landscape, with suburban areas seeing a property price boom.

Plus, with fewer people in the office every day, companies can downsize their office spaces, potentially freeing up resources for housing.

Another key benefit is flexibility. Remote work allows employees to better juggle their personal and professional lives, which is especially important for parents, and important for closing the gender gap. This could even lead to higher birth rates in the long run, though it’s a shame that countries with the steepest fertility drops—like those in East Asia—are the least open to remote work.

However, it’s not all sunshine and rainbows. While remote work can be efficient, it seems many Americans aren’t making the most of their newfound time. Social activities and volunteering have dipped since 2019, as people spend more time alone or gaming. On average, we’re all spending about half an hour more on our own compared to pre-pandemic times.

Working from home was already on the rise, but the pandemic accelerated its adoption. Now, as we settle into this new routine, we have to ask ourselves: is remote work really harming our economy, or is it just changing the way we interact? It might be a little lonely, but it’s also opened up new possibilities. The real challenge ahead is figuring out how to make the most of this shift, and to keep a very close eye on productivity data.

AI Insights

Meta has launched the Meta AI app, designed to personalize interactions by remembering user preferences and context. It features a Discover feed for sharing AI usage tips and integrates with AI glasses for seamless access. Built on the Llama 4 model, the app offers more conversational responses and can be used across Meta platforms like WhatsApp and Facebook. Users can switch between devices while maintaining conversation history, marking a significant step in personal AI technology.

DHL is shaking up express logistics with its new DHLbots. These AI-powered sorting robots boost sorting capacity by over 40%. After a successful trial in Miami, DHL is rolling them out in two Asia Pacific countries. They can sort more than 1,000 small parcels per hour with an impressive 99% accuracy, cutting down on errors and the need for extra sorting.
Most people use GenAI as therapy-bots:A surprising new study from Harvard Business Review reveals that most people use generative AI for therapy and companionship, not for tasks like coding or writing. This shift shows that rather than just being a work tool, AI is becoming a source of emotional support in our lives.

The Supply Aside

📕 Read - Kevin Kelly’s 50 Years of Travel Tips

Futurist and digital prophet Kevin Kelly has been travelling the world for half a century now, and blogging his tips and recommendations the whole time. I enjoyed reading his 50 years of travel tips, which contains the sort of wisdom only acquired after doing something for a very long time. Here are my three favorite tips:

The rate you go is not determined by how fast you walk, bike or drive, but by how long your breaks are. Slow down. Take lots of breaks. The most memorable moments—conversations with amazing strangers, an invite inside, a hidden artwork—will usually happen when you are not moving.
You can get an inexpensive and authentic meal near a famous tourist spot simply by walking at least five blocks away from the epicenter.
Sketchy travel plans and travel to sketchy places are ok. Take a chance. If things fall apart, your vacation has just turned into an adventure. Perfection is for watches. Trips should be imperfect. There are no stories if nothing goes amiss.

What Else I’m Reading

A federal judge has ordered Apple to loosen its control over the App Store, marking a significant setback for the company in an antitrust case initiated by Epic Games, the creator of Fortnite. The judge criticized Apple for violating a previous ruling that required the company to allow apps to link to external payment options, thus avoiding Apple's standard 30% commission. Instead, Apple allegedly implemented a new system that still charged a 27% commission and discouraged users from making external payments. Apple plans to appeal the decision, which has already led to a decline in its stock price. Long-time readers might remember I dedicated an issue to Apple’s antitrust lawsuit last year.
The FDA has come under fire for its part in the opioid crisis, particularly for approving powerful drugs like OxyContin while ignoring its own rules. Experts raised alarms about these opioids being addictive and often not effective for chronic pain, but the FDA rushed their approval and allowed aggressive marketing. Pressure to speed things up led to compromises that jeopardized public safety, making opioids widely available. This has contributed to an epidemic that has killed over 800,000 people since 1999. Many believe that if the FDA had stuck to its guidelines, this crisis could have been avoided.
Gen Z is leading the charge back to the office: It's surprising to see research suggesting that Gen Z is leading the return to the office, averaging 3.1 days a week compared to 2.5 to 2.7 days for older workers. Additionally, 26% of Gen Z felt more engaged due to part-time office mandates, while 18% reported decreased productivity and 21% noted negative financial impacts from commuting. However, I would take this research with a grain of salt, considering it was conducted by a commercial property group!

📺 Watch - How Google’s Quantum Chip Could Change Everything

Google's quantum computer, Willow, achieved a remarkable milestone by completing the Random Circuit Sampling benchmark in just five minutes. In contrast, the fastest classical supercomputers would take an estimated 10 septillion years to perform the same task. This staggering difference highlights the power of quantum computing.

The key to Willow's speed lies in its use of qubits, which can exist in a state of superposition. Unlike classical bits that are either 0 or 1, qubits can represent both values simultaneously; something that’s known as a superposition. This allows quantum computers to process vast amounts of information at once, exploring multiple pathways in parallel. As a result, Willow can tackle computations that would be impossible for traditional systems, fundamentally changing our understanding of computational limits … and opening up the spine-tingling possibility of parallel universes.

👂 Listen - Acquired Podcast: Indian Premier League Cricket

“Oh dear”, I hear you say. “Naseem’s going on about cricket again”. But hear me out: this four-and-a-half hour Acquired episode about Indian Premier League Cricket is worth a listen.

Many Americans might be surprised, but the IPL is on track to outshine the NFL as the globe’s most valuable sports league. With a jaw-dropping valuation of $16 billion and a TV rights deal that’s raking in more per match than the NBA and the English Premier League, it’s clear this league means business. All this with just 10 teams playing only 74 games a season, and it’s only been around for 17 years, so there’s plenty of room to grow.

💡 Think - One AI to Rule Them All? Maybe Not

The future of AI may not belong to one all-knowing agent, but instead to a swarm of specialized ones that are faster, cheaper, and more focused.

We’re all familiar with the likes of OpenAI and see how they’re trying to become a digital concierge, but companies like Meta are quietly taking the road less traveled. Its Llama models have been downloaded over a billion times, mostly by developers tailoring them into niche tools. These smaller models, shaped through distillation and reinforcement learning with proprietary data, are prepping a new generation of overlords aka smart agents.

As costs drop, the real winners may be businesses building these tools into their daily workflows. They get the power of AI without the costly training of a massive model. A single super-agent could still happen, but today, it looks more like a team sport than a solo act.