Olaf Scholz Philippines Germany city Berlin president stars Olaf Scholz Philippines Germany city Berlin

German financial oversight head out after Wirecard scandal

Reading now: 578
www.clickorlando.com

BERLIN – The head of Germany's financial supervisory authority will leave the job as the agency is reorganized in the aftermath of the accounting scandal at payment systems provider Wirecard, the finance ministry said Friday.

Finance Minister Olaf Scholz said after the scandal erupted last year that he wanted to revamp the country's financial oversight system.

One-time tech star Wirecard filed for protection from creditors through insolvency proceedings in June after admitting that 1.9 billion euros ($2.3 billion) that was supposedly held in trust accounts in the Philippines probably did not exist.

German authorities have been criticized for failing to step in sooner despite reports of irregularities dating back at least five years.

Read more on clickorlando.com
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA