German fiscal oversight head out immediately after Wirecard scandal

George T. Taft

BERLIN (AP) – The head of Germany’s money supervisory authority will go away the job as the agency is reorganized in the aftermath of the accounting scandal at payment techniques provider Wirecard, the finance ministry claimed Friday.

Finance Minister Olaf Scholz said soon after the scandal erupted past calendar year that he desired to revamp the country’s money oversight system.

A person-time tech star Wirecard submitted for defense from creditors via insolvency proceedings in June following admitting that 1.9 billion euros ($2.3 billion) that was supposedly held in rely on accounts in the Philippines likely did not exist.

German authorities have been criticized for failing to step in sooner despite stories of irregularities courting back at the very least 5 a long time. Scholz has identified as for supplying the economic supervisory authority, BaFin, new powers.

The finance ministry reported that it and BaFin president Felix Hufeld decided by mutual settlement on Friday that, as perfectly as organizational alterations, a “new beginning” is wanted in the agency’s management.

Hufeld, who has led BaFin considering that 2015, mentioned in a assertion introduced by the ministry that the company has “in many ways acquired in relevance” in that time. “Now it has to tackle even further tasks, and I desire my successor only the ideal in handling them,” he additional.

The assertion didn’t specify when Hufeld will leave or when a successor will be appointed.

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