BERLIN – The top of Germany’s monetary supervisory authority will go away the job because the company is reorganized within the aftermath of the accounting scandal at cost techniques supplier Wirecard, the finance ministry stated Friday.
Finance Minister Olaf Scholz stated after the scandal erupted final yr that he needed to revamp the nation’s monetary oversight system.
One-time tech star Wirecard filed for defense from collectors by insolvency proceedings in June after admitting that 1.9 billion euros ($2.3 billion) that was supposedly held in belief accounts within the Philippines in all probability didn’t exist.
German authorities have been criticized for failing to step in sooner regardless of stories of irregularities courting again at the very least 5 years. Scholz has known as for giving the monetary supervisory authority, BaFin, new powers.
The finance ministry stated that it and BaFin president Felix Hufeld determined by mutual settlement on Friday that, in addition to organizational adjustments, a “new starting” is required within the company’s management.
Hufeld, who has led BaFin since 2015, stated in a press release launched by the ministry that the company has “in some ways gained in relevance” in that point. “Now it has to deal with additional duties, and I want my successor solely one of the best in dealing with them,” he added.
The assertion did not specify when Hufeld will go away or when a successor will probably be appointed.
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