World Opposition sees itself confirmed by EU criticism: "The Wirecard case is a Causa Olaf Scholz"
Inquiry in the state parliament: Wirecard apparently involved in fraud with Corona aid
According to a report, Wirecard Bank is said to have made virtual accounts available through which fraudsters are said to have smuggled Corona aid by fraud. © dpa Bavaria's Minister of Economic Affairs still expressed his appreciation for Wirecard in mid-May. The scandal group Wirecard is probably involved in at least 30 cases of fraud in applying for Corona emergency aid according to previous knowledge.
The EU financial authority Esma reprimands the German financial regulator. Opposition politicians are also targeting the SPD finance minister.
The opposition in the Bundestag sees its accusation confirmed at the European level that the German financial supervisory authority and the Federal Ministry of Finance have made massive mistakes in the Wirecard case. The EU financial market authority Esma published a report on Tuesday, in which the shortcomings and failures of both the Federal Financial Supervisory Authority (Bafin) and the ministry are mentioned.
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It is criticized that the cooperation between the Bafin and the German Audit Office for Accounting (DPR) commissioned by it did not work out. According to the report, the two bodies did not have the same understanding of the role and possibilities of the two institutions.
In addition, Esma sees indications of "an increased risk of influence" by the Ministry of Finance on Bafin. This is evidenced by the many contacts between the two bodies during the review of Wirecard's balance sheets since 2018. A third key point is Esma's lack of understanding of the fact that Bafin employees also during the review phase, when allegations of manipulation against the financial service provider were already circulating in public Wirecard shares would have traded.
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are now intensifying their criticism in view of the EU report. The FDP politician Florian Toncar told the Tagesspiegel: “It is definitely clear that Wirecard is a cause of Olaf Scholz.”
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It is a protective assertion bythat nothing could be done at Wirecard during ongoing audits by the FREP. Toncar accuses the ministry of even having "massively involved". "This also confirms the suspicion that Wirecard enjoyed political protection."
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The left-wing MP Fabio De Masi also sees himself confirmed. The Esma report was "a slap in the face" for the Bafin. There was an urgent need for a reform of financial supervision "so that it had teeth". The political influence of the finance ministry on financial supervision had to be restricted.
Payment service provider: Ex-Wirecard manager Marsalek is said to have been an undercover agent for the Austrian secret service
The Federal Public Prosecutor's Office joins the thriller about Jan Marsalek. According to SZ, the ex-Wirecard board worked as a liaison for Austria's secret service. © dpa The ex-Wirecard board of directors has gone into hiding since June. According to German investigators, former Wirecard manager Jan Marsalek was apparently an undercover agent for the Austrian intelligence service.
"System cannot work"
Also The Green politician Sven Giegold, a member of the European Parliament, called for a reform of German financial supervision. The Esma report "relentlessly" reveals that the German system of joint accounting control by the BaFin and the FREP cannot work If the authorities thwart effective communication and they sometimes disagree on their respective roles, it is made too easy for fraudsters. "The responsibility chaos must come to an end.
Scholz reacted defensively and said that the improvements proposed by Esma corresponded to the government's known plans . “So I don't see that as something critical.” Baf too in and the FREP rejected allegations. Anon the Wirecard affair started the first hearings last week and will continue its work this Thursday.
Bafin and DPR are responsible for auditing the balance sheet in a two-stage process. Esma's task is to propose guidelines for an EU-wide harmonization of balance sheet control and to monitor compliance with them. is to be harmonized across Europe and regularly reviews its implementation in so-called peer reviews. The EU Commission could use deficits in German supervision as an opportunity to enforce greater standardization from Brussels.
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