Wirecard saga exposes cracks in German financial regulation

Wirecard saga exposes cracks in German financial regulation

July 2, 2020, Global Investigations Review

Robert Henrici is quoted in Global Investigations Review regarding Wirecard’s €2 billion accounting scandal. Mr. Henrici says ultimately, it is too early to assign responsibility to any particular party for the Wirecard scandal and warned against knee-jerk reforms. “We don’t know what BaFin did to investigate [Wirecard] and it’s clear now that criminal conduct was at play. If there’s suspicion of a crime, then BaFin forwards it to German authorities including public prosecutors. It’s too early to know whether these steps were followed and where the blame falls,” he adds.