June 22, 2020 / 10:00 AM / 17 days ago

German watchdog says Wirecard case is 'total disaster'

An employee of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, presents the contactless payment system "boon" at the company's headquarters in Aschheim near Munich, Germany September 6, 2018. REUTERS/Michael Dalder/Files

FRANKFURT (Reuters) - German financial watchdog Bafin on Monday said that developments at payment group Wirecard were a “total disaster”.

“It is a scandal that something like this could happen”, Bafin president Felix Hufeld said at the sidelines of a conference in Frankfurt.

Germany’s Wirecard admitted on Monday that 1.9 billion euros ($2.13 billion) it counted in foreign accounts was likely never there, withdrawing earlier financial statements.

($1 = 0.8916 euros)

Reporting by Patricia Uhlig; Writing by Arno Schuetze; editing by John O'Donnell

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