Ex - Wirecard boss Braun to be quizzed by German lawmakers

19 November, 2020
Ex - Wirecard boss Braun to be quizzed by German lawmakers
Wirecard's ex-boss Markus Braun is because of appearing before a good German parliamentary committee on Thursday, temporarily leaving jail to testify more than the collapse of that which was once hailed seeing that Germany's leading financial technology company.

Wirecard's former boss Markus Braun is because of appearing before a German parliamentary committee on Thursday, temporarily leaving jail to testify above the collapse of that which was once hailed while Germany's leading financial technology company.

The committee of inquiry was set up by opposition legislators to research ties between German politicians and regulators and Munich-based Wirecard, which kept investors vast amounts of euros out of pocket when it imploded in June.

Braun, who possesses been charged with fraud and embezzlement, must deal with the investigative committee personally after a court rejected a request for him to appear by video link.

Wirecard's ex-CEO, who has has been in custody since shortly after stepping down found in June, denies all charges. Braun is not expected to discuss the expenses, but lawmakers expect him to talk about contacts with federal government and financial regulator.

German politicians and regulators encounter allegations of lax oversight of the fallen stock-market superstar, which unravelled following the discovery of a 1.9 billion euro (US$2.2 billion) accounting hole.

Wirecard's demise also embarrassed the German authorities, which prides itself on a good standing for rectitude and stability, amid criticism that authorities ignored warning flag.

As head of Germany's finance ministry Olaf Scholz, the Community Democrat Party's candidate to achieve success Angela Merkel as Chancellor, is in charge of economic regulator BaFin, which has been criticised for failing woefully to take Wirecard to task.

The finance ministry has said it'll cooperate with the parliamentary inquiry and that it's focusing on stricter rules for auditors, supervision and accounting controls.

Prosecutors also have faced criticism for failing to spot problems in Wirecard, instead probing journalists at the Financial Instances, which primary published allegations relating to its accounting.

Source: www.channelnewsasia.com
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