German Watchdog Faces Wirecard Grilling From Lawmakers

(Bloomberg) — Germany’s top financial watchdog faces a grilling by lawmakers in Berlin over the regulator’s failure to uncover problems at Wirecard AG before it collapsed in one of the country’s biggest-ever corporate scandals.BaFin President Felix Hufeld is scheduled to testify behind closed doors to German parliament members at about 11:30 a.m. local time on Wednesday. Given the critical comments made by some lawmakers last week, the hearing may be Hufeld’s toughest since he took the job more than five years ago.Even with ample warning, German authorities failed to catch accounting issues at the digital-payments company, whose collapse has shaken …read more

Source:: Yahoo Finance