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Wirecard Has Under-Pressure Financial Watchdog Chasing Answers

July 2, 2020, 5:14 PM

Germany’s top financial watchdog said authorities have yet to uncover the extent of deception at Wirecard AGas the fallout from one of the country’s biggest corporate scandals leads to fresh calls for regulatory reform.

“What we have to dig out now is who actually deceived whom? Who are the bad guys, who are the good guys and who were just not up to the challenge” Felix Hufeld president of regulator BaFin said at a conference.

Wirecard’s shock announcement last month that a quarter of its balance sheet probably doesn’t exist has undermined Germany’s reputation as a place to do ...

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