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Wirecard’s collapse sparks German soul-searching over work of auditors, financial regulator
21 Aug 2020 12:00 am
Duration: 16:48
Payment processor Wirecard had been hailed as a German superstar in the world of financial services — an example of how a strong idea could see Europe compete with the Silicon Valley giants. Then things went awry, with media reports of behind-the-scenes irregularities. Finally, it was revealed that Wirecard had a 1.9 billion-euro accounting blackhole, leading the company to collapse, leaving aggrieved creditors and shareholders in its wake. The debate over Wirecard’s implosion is now centering on Germany’s financial regulator, BaFin, and the shortcomings of its oversight; the failure of the company’s auditor, EY, to identify the accounting problems is also attracting scrutiny.
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29 Jul 2020 2:47 pm by Jack Schickler, Annie RobertsonA legal case taken by Wirecard investors against the German financial regulator BaFin is in “uncharted waters”.
Editorial Team
James Panichi Senior Editor, Asia Pacific

James, an Australian journalist with over 25 years’ experience in print and electronic media, is spearheading MLex’s coverage of regulatory risk in Australia and New Zealand. In 2016, James was appointed as MLex’s managing editor for continental Europe, overseeing the Brussels bureau’s coverage of EU regulatory affairs and managing a team of 16 journalists in Brussels and Geneva. Previously James worked for the European Voice newspaper, before joining the European operation of US political website... Read more
Annie Robertson Correspondent

Annie Robertson is a correspondent based in MLex's London office, covering anti-bribery and corruption, financial crime, legal and regulatory risk in the UK and Europe. She studied journalism at the University of Sheffield, followed by a Graduate Diploma in Law at The University of Law in London.Follow Annie on Twitter.
Jack Schickler Senior Correspondent

Jack is a senior financial services correspondent at MLex, in Brussels. He previously served as tax correspondent, and has also worked in the European Commission for a number of years in a variety of economic fields, serving commissioners Jonathan Hill, Neelie Kroes, Cecilia Malmström, Julian King and commission president Jean-Claude Juncker. Before that he worked for five years on economic and financial policy in HM Treasury, and in at the U.K.’s representation at the EU,... Read more