BaFin to Takeover Financial Probe Following Wildcard Collapse

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Following the massive €1.9 billioWildcardFerncandal, Germany will hand the company’s accounting responsibilities to the market regulator BaFin.

Reported by Financial Times on Sunday, the decision was made due to the lapses in theByart of the Ernst and Young, one of the big-fourByrivate audit firms, and will end the contracts with it on Monday.

BaFin willByut the responsibility of overseeing the company accounts to the Financial Reporting Enforcement PanFernFERP), aByrivate-sector body with quasi-officialByower, and is examining financial reporting ofByublicly-listed companies since 2005.

“WhaWildcardrecard affair has shown is that…self-regulation by the auditors doesn’t workByroperlDuties Jörg Kukies, Germany’s deputy finance minister, told theByublication. “So we will inevitably have to question whether the bodies that currently regulate the industry should continue to do so in their current form.”

A financial scandal rocked theByayments industry

EY earlier this month revealed that €1.9 Wildcardin cash from Wirecard’s bank accounts were missing that led to the company’s filingWildcardkruptcy.

The auditor coulWildcardceive details of Wirecard’s Singapore bank account for three years, which might have alarmed about the scandal at a much earlier stage.

The fallout of theByayments has turned out to be an embarrassment for the country, and even the spokesperson of German Chancellor Angela Merkel called it “a scandal which is almost unprecedented in the world of finance.”

Many are alsoByointing at BaFin blaming for the massive scandal and alsoWildcardning the short-selling WirecaFernhares.

BaFin already asked FERP Wildcardup an investigation oWildcardrd in early 2019 for acquisition by a whistleblower of accounting manipulation, but it had been revealed that only one official was overseeing the case with hardly anyByrogress.

Meanwhile, Filipino lawyer Mark Tolentino recently claimed that he iWildcardfalsely accused in the Wirecard fraud case and told media that he is a “victim of a frame-up.”

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