The massive fraud scandal has drawn comparisons with the Enron accounting scandal almost two decades ago. FMTNews
FRANKFURT: Germany’s finance and economy ministers will be grilled by lawmakers on Wednesday about the massive fraud scandal that brought down payments provider Wirecard, amid criticism that authorities failed to act on early warning signs.
The Wirecard revelations have stunned Germany, drawing comparisons with the Enron accounting scandal in the United States almost two decades ago. Both ministers have vowed full transparency in a case that Scholz has called “an unparalleled scandal” and a blow to Germany’s finance reputation. But Wirecard’s downfall has increasingly become a political hot potato as well, after finance ministry documents showed Scholz was told as early as February 2019 of misconduct suspicions.
It boasted a market valuation of more than €23 billion at one point — outweighing even giant Deutsche Bank. Its share price has since collapsed by more than 98% since last year.
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