German money oversight head out just after Wirecard scandal

BERLIN (AP) – The head of Germany’s economic supervisory authority will depart the work as the agency is reorganized in the aftermath of the accounting scandal at payment methods provider Wirecard, the finance ministry mentioned Friday.

Finance Minister Olaf Scholz reported immediately after the scandal erupted previous yr that he desired to revamp the country’s economic oversight system.

One particular-time tech star Wirecard filed for safety from lenders as a result of insolvency proceedings in June right after admitting that 1.9 billion euros ($2.3 billion) that was supposedly held in belief accounts in the Philippines probably did not exist.

German authorities have been criticized for failing to action in sooner regardless of reviews of irregularities dating again at the very least five yrs. Scholz has termed for supplying the money supervisory authority, BaFin, new powers.

The finance ministry mentioned that it and BaFin president Felix Hufeld made a decision by mutual agreement on Friday that, as perfectly as organizational improvements, a “new beginning” is needed in the agency’s management.

Hufeld, who has led BaFin since 2015, stated in a assertion released by the ministry that the agency has “in lots of techniques gained in relevance” in that time. “Now it has to tackle further duties, and I would like my successor only the best in dealing with them,” he additional.

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

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Rachel C. Carpenter

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