Merkel to face grilling in Germany’s Wire card probe

April 23, 2021
83 Views
Merkel to discuss returning to harder lockdown with state leaders

Germany’s probe into the shocking collapse of payments firm Wire card reaches its climax on Friday, with Chancellor Angela Merkel appearing before the investigative parliamentary committee.

On Thursday, Merkel’s Finance Minister Olaf Scholz tried to shield the government from any blame, saying “the responsibility for this large-scale fraud does not lie with the German government’’.

Any suggestions that the government or regulatory authorities had protected Wire cards were “absurd fairy tales,’’ he said.

Merkel had advocated for Wire cards during a visit to China in September 2019, but had no knowledge at the time of any irregularities, a spokesperson said.

Wire card, which had been listed on Germany’s DAX index of leading companies, admitted in June 2020 that 1.9 billion euros (2.3 billion dollars) in assets likely did not exist.

This in turn prompted a plunge in the company’s shares, bankruptcy and the arrest of former executives.

More broadly, it leads to doubts about the effectiveness of financial oversight authorities in Europe’s biggest economy.

Questions also arose as to why EY, Wire card’s auditor, had not noticed the financial irregularities.

image

You may be interested

Take Your Education Seriously, You’ll Never Regret It — Anambra Deputy Speaker Charges Upcoming Sports Stars
News
1 views
News
1 views

Take Your Education Seriously, You’ll Never Regret It — Anambra Deputy Speaker Charges Upcoming Sports Stars

Webby - March 24, 2024

Young persons aspiring to make a mark in the sports world have been enjoined to take education seriously. The advice…

Pride Begets Downfall — Anglican Cleric Tells Church Members, As ACORA Marks 2024 Palm Sunday in Grand Style
News
1 views
News
1 views

Pride Begets Downfall — Anglican Cleric Tells Church Members, As ACORA Marks 2024 Palm Sunday in Grand Style

Webby - March 24, 2024

By Izunna Okafor, Awka Ear-piercing echoes of Hosanna rent the air in Awka, the capital city of Anambra State on…

Bassey To Miss Super Eagles’ Friendly Game Against Mali With Injury
Sports
Sports

Bassey To Miss Super Eagles’ Friendly Game Against Mali With Injury

Webby - March 24, 2024

Calvin Bassey is set to miss the Super Eagles friendly game against Eagles of Mali due to injury.Bassey did not…

Leave a Comment

Your email address will not be published.