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Scholz denies complicity

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The government is not responsible: Finance Minister Scholz has denied any complicity in the parliamentary committee of inquiry into the Wirecard scandal. He spoke of the company’s “high level of criminal energy”.

Federal Finance Minister Olaf Scholz has rejected complicity in the multi-billion Wirecard scandal. The former top management of the payment processor is being investigated. “Apparently there was a high level of criminal activity in the company,” said the SPD candidate for chancellor in the parliamentary committee of inquiry into the financial scandal. The auditor EY had not uncovered the errors for eleven years and always audited the balance sheets. This has been believed for too long. The federal government is not to blame for the case. Scholz said that it was acted quickly and that the right conclusions had been drawn: “I got all that on the way quickly.”

Government supervision not good enough

Scholz rejected allegations that the financial supervisory authority BaFin or the Ministry of Finance had held their protective hand over the company. He admitted, however, that the state supervisory and control structure was not well enough equipped for such an attack. It is important to learn from this – also because many investors have been deceived and lost large sums of money.

Keeping auditors on a leash

BaFin, which is subordinate to the Ministry of Finance, is being reorganized and should be given significantly more powers. In addition, the auditors should be kept on a leash. The aim is to restore confidence. The former Dax group went bankrupt in June 2020 after billions in air bookings became known. The Munich public prosecutor’s office is investigating balance sheet falsification, fraud, market manipulation and money laundering. Several ex-Wirecard board members are in custody or on the run. The BaFin and thus also the Ministry of Finance are accused of extensive failure in the case.

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