Wirecard, the scandal turns political

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The Bundestag’s finance committee, the German parliament, will hold a special session on the Wirecard affair. A case that turns into a political scandal. Some 1.9 billion euros were recorded in the year 2019, while they “probably did not exist” as indicated by the ex-boss of the company at the time of the discovery of the scandal , last June, thanks to the press.

A report from the parliament states that the finance minister of the Berlin government had been aware of the facts of a management since February 2019. The minister did not intervene for reasons he will have to explain. Likewise, the banking supervisor, Bafin, is accused of not having detected anomalies, when journalists were able to do so.

In Germany banking supervision is under the control of the Ministry of Finance. Wirecard was a star of fintech, financial technology. She had started with a porn site, then eventually moved into overseeing online payments. Its staff disappeared in the wild. Some of its leaders could be in the Baltic republics, under Moscow control. Observers fear that this scandal will greatly slow the progress of fintech companies, as the Enron scandal had dealt a severe blow to private electricity supplies.

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