Wirecard Committee of Inquiry

In the Wirecard case, a committee of enquiry of the German Bundestag is to examine the case in more detail this autumn. Due to the increasing number of cashless transactions and therefore the considerable impact of the financial scandal on the population, a committee of enquiry was necessary to clarify the case thoroughly and completely.

The Munich public prosecutor’s office is currently investigating Wirecard for commercial gang fraud, after air bookings of 1.9 billion euros were uncovered in June. It is assumed that the payment service provider has been reporting fictitious profits since 2015. The focus here is not only on Wirecard itself, but also on the responsibility of various state institutions accused of failing in connection with the Wirecard affair.

Among other things, the Bavarian authorities, more precisely the Financial Intelligence Unit (FIU) of the customs authorities, were accused of having failed to take further action against suspicious reports of Wirecard transactions, with the result that the public prosecutor’s office did not follow up on them either. If these investigations had not been terminated prematurely, it might have been possible to uncover the scandal earlier.

Furthermore, the auditors, especially EY, are also to be an important topic in the committee of enquiry, as is the question of why Wirecard remained listed in the Dax despite indications of irregularities.

Lastly, the Bafin’s and the Bavarian authorities’ money laundering checks on Wirecard should also be investigated. Money laundering supervision was omitted here for the reason that the competent authorities had not classified Wirecard-AG as a financial enterprise to be checked.

To enable the Committee to begin its work and meet the need for clarification, the political groups must draw up a mandate of enquiry which requires a majority of one quarter of all MEPs. With federal elections due in autumn 2021, the opposition in particular insists on a quick agreement.

We keep you up to date. Regarding the Wirecard scandal in general we refer to our article Wirecard insolvency.

Are you affected by the scandal? Help is available right here!

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