(ANSA-AFP) - FRANKFURT AM MAIN, 29 JUL - Germany's finance
and economy ministers will be grilled by lawmakers on Wednesday
about the massive fraud scandal that brought down payments
provider Wirecard, amid criticism that authorities missed early
warning signs. Wirecard filed for insolvency last month after
admitting that 1.9 billion euros ($2.2 billion) missing from its
accounts did not exist. Former CEO Markus Braun has been
arrested on suspicion of falsifying accounts and market
manipulation. The Wirecard revelations have stunned Germany,
drawing comparisons with the Enron accounting scandal in the
United States almost two decades ago. Germany's parliamentary
finance committee has asked Finance Minister Olaf Scholz and
Economy Minister Peter Altmaier to attend a closed door special
hearing to shed light on the saga from 1400 GMT. Questions are
likely to focus on when exactly the government and regulators
learned of accounting irregularities at Wirecard, what action
they took and whether there were any regulatory failings. Both
ministers have vowed full transparency in a case that Scholz has
called "an unparalleled scandal" and a blow to Germany's finance
reputation. He has vowed to reform German finance watchdog
Bafin, accused by critics of having been too lax in its
oversight of Wirecard, by giving it greater powers to intervene
and launch investigations. (ANSA-AFP). (ANSA).
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