Scholz calls for BaFin reform after Wirecard scandal

Sunday, 05. July 2020 17:35

German Finance Minister Olaf Scholz said on Sunday that the country's Federal Financial Supervisory Authority (BaFin) needs to be given more powers in order to avoind incidents such as Wirecard's recent accounting scandal.

"We need far-reaching reforms," Scholz told Frankfurter Allgemeine Sonntagszeitung. "I want to give Bafin more control rights over financial reports, regardless of whether the company has a banking division," he added.

Wirecard filed for insolvency in June after its auditor EY failed to find sufficient audit evidence of €1.9 billion on its balance sheet. BaFin filed a criminal complaint against the company for alleged market manipulation, while its CEO Markus Braun was arrested.

Related Links: Wirecard AG
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Breaking the News / NP