German Chancellor Merkel to Testify in Wirecard Fraud Investigation in April

Wirecard AG filed for insolvency on 25 August final yr in a courtroom ruling after failing to report a $2.3 billion “black hole” in its stability sheets.

German Chancellor Angela Merkel will testify on the finish of April as a witness in entrance of the Bundestag Investigative Committee as a part of the Wirecard scandal case, DPA reported.

Her testimony is predicted to happen on 23 April, a day after the testimony of Vice-Chancellor Olaf Scholz. German Economy Minister Peter Altmaier’s testimony is deliberate for 20 April.

FDP politician and investigative committee member Florian Toncar stated “April goes to be intense.”

The investigation might be uncomfortable for the German chancellor – she lobbied for Wirecard throughout an official journey to China in September 2019, which got here months after whistleblowers had raised issues over fraud on the funds processor that sparked a police probe in Singapore.

The House of Wirecard

Wirecard – now bancrupt – is a German cost processor and monetary providers supplier. The firm was based in 1999 and in 2018 grew to become one of many largest corporations in the nation. In June 2020, a scandal hit as the corporate introduced that $2.3 bn in money was “missing.”  

AFP 2021 / CHRISTOF STACHEThe brand of German funds supplier Wirecard is seen at a constructing of the corporate’s headquarters in Aschheim close to Munich, southern Germany, on November 18, 2020 as the primary collectors’ occasion after the monetary scandal takes place in Munich.

The firm additionally badly broken belief in Germany’s oversight system after it was revealed that it had been unprofitable for years and relied on faux abroad transactions to cowl up the fraud.

Prosecutors in Munich imagine Wirecard started cooking its books to present earnings as early as 2015, with estimated complete losses of round $3.6 bn.

As a consequence, former Chief Executive Officer Markus Braun was locked up, whereas his second in command Jan Marsalek stays on the run.

Finance Minister Olaf Scholz in January introduced plans to substitute the top of Germany’s monetary watchdog BaFin Felix Hufeld in the wake of the scandal as a part of a transfer to overhaul the company.


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