German lawmakers demand answers over Wirecard collapse
FILE PHOTO: The logo of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, is pictured at its headquarters in Aschheim, near Munich, Germany, July 1, 2020. REUTERS/Andreas Gebert
The implosion of what was seen as a German success story once worth $28 billion has embarrassed the government, which prides itself on a reputation for rectitude and reliability, amid criticism that German authorities ignored many red flags. Wirecard is now being dismantled, after its disclosure of a 1.9 billion euro hole in its accounts earlier this year triggered its insolvency.
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