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Berlin lawmakers set the bar for their questions about the head of money market regulator BaFin and the Bundesbank’s main banking control body, denouncing the unrest of a wide range of the country’s authorities.to publish a full parliamentary inquiry as Germany prepares for next year’s elections.
Wirecard’s move from rising star to national shame has undermined the country’s reputation as a reliable position to do business and dealt a blow to its fragile retail investor base.that are more focused on Wirecard’s protection than investigating allegations of irregularities.
“Few things have been clarified so far,” Hans Michelbach, a member of the CSU, the CDU dual CDU of Chancellor Angela Merkel, told reporters in Berlin on Tuesday.”There have been contradictions.”
According to Lisa Paus, a member of the opposition Greens party, there is a smart chance of a full parliamentary inquiry.”It will take a miracle” for this to happen, he said in an interview with ZDF television.
According to Michelbach, a key question for BaFin and the Ministry of Finance is why the regulator did not classify Wirecard as a monetary company.This would have subjected the payment provider to tighter scrutiny by the supervisory body, which only oversees banks and insurers.
BaFin tried to protect itself by claiming that Wirecard’s reclassification would not have helped to uncover the fraud, as it would have been based on the company’s audited accounts.However, lawmakers may ask BaFin President Felix Hufeld why his institution’s surveys of Wirecard’s banking unit have not worked.to point out the unrest of society as a whole.
Hufeld went through a complicated era after a previous hearing in July (Finance Minister Olaf Scholz and Economy Minister Peter Altmaier were also called to testify) and will most likely report the facts better while protecting BaFin’s actions.
The Bundesbank, whose role was largely in support of BaFin’s oversight, more dragged into the scandal with the revelation this month that former Wirecard CEO Markus Braun met with a senior central bank official last year.The montage shows Wirecard’s links to key decision makers in Germany.
Michelbach called Deutsche Boerse AG, the operator of the Frankfurt Stock Exchange, for polishing Wirecard by adding the inventory to its DAX index of indexed primary corporations in 2018.Florian Toncar, a flexible Democratic opposition lawmaker, added Munich prosecutors to the list of establishments that are partly to blame for Wirecard’s disorder.Speaking to reporters in Berlin ahead of Tuesday’s hearing, he said prosecutors had completed a 2019 money laundering investigation imaginable involving the company.
This sentiment was echoed through left-wing opposition party member Fabio de Masi: “We have to ask ourselves what happened in the Prosecutor’s Office,” he said.”They put an end to the situation.”
(Updates to upload comments from the fourth paragraph coalition legislator)
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