June 23, 2020 / 11:37 AM / 18 days ago

EXCLUSIVE-German FinMin says regulators did not work effectively on Wirecard

BERLIN, June 23 (Reuters) - German Finance Minister Olaf Scholz said it appeared that regulators did not work effectively in regards to payments provider Wirecard, whose chief executive has been arrested on suspicion of falsifying company revenues.

The case “raises critical questions about supervision of the company, in particular with regards to accounting and balance sheet control,” Scholz told Reuters.

“It appears that neither auditors nor regulators were effective here,” he added. (Reporting by Holger Hansen; writing by Michael Nienaber and Maria Sheahan; editing by Thomas Seythal)

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