German accounting watchdog chief to resign due to Wirecard

Wednesday, 24. February 2021 21:15

President of the Financial Reporting Enforcement Panel (FREP), German accounting body, Edgar Ernst decided to step down due to the pressures regarding the collapse of payments company Wirecard.

FREP stated on Wednesday that Ernst is leaving at his own wish, effective December 31, after coming under criticism for conflict of interest since he held seats on supervisory boards of companies such as Vonovia, Metro and TUI.

Germany’s financial watchdog BaFin called on FREP in February 2019 to investigate Wirecard’s accounts and last month it was announced that BaFin's director Felix Hufeld will also leave his post in the aftermath of the Wirecard scandal.

Related Links: Wirecard AG
Breaking the News / TF