(Bloomberg) -- Germany’s top financial watchdog faces a grilling by lawmakers in Berlin over the regulator’s failure to uncover problems at Wirecard AG before it collapsed in one of the country’s biggest-ever corporate scandals.BaFin President Felix Hufeld is scheduled to testify behind closed doors to German parliament members at about 11:30 a.m. local time on Wednesday. Given the critical comments made by some lawmakers last week, the hearing may be Hufeld’s toughest since he took the job more than five years ago.Even with ample warning, German authorities failed to catch accounting issues at the digital-payments company, whose collapse has shaken confidence in the country’s finance industry. While the government is now plugging gaps in its oversight framework, the hearing presents a chance for Hufeld to counter criticism that BaFin sought to protect Wirecard by banning short sales of the stock last year.The BaFin president acknowledged last week that his institution is...
Police and public prosecutors raided Wirecard's headquarters in Munich and four properties in German and Austria on Wednesday as they widened their fraud investigation into the payments company that collapsed last week. Prosecutors are now investigating board members Alexander von Knoop and Susanne Steidl, in addition to Wirecard's former Chief Executive Markus Braun and director Jan Marsalek, a spokeswoman for prosecutors in Munich said. None of the four could immediately be reached for comment and the prosecutors office declined to give further details on the premises being searched....
Wirecard's administrator said he has received strong inbound interest for the payment firm's assets and will shortly mandate banks for the sale of individual parts of the company. "A large number of investors from all over the world have contacted us, interested in acquiring either the core business or business units that are independent of it", Michael Jaffe said in a statement after a creditor committee meeting late on Tuesday. Wirecard filed for insolvency last week owing creditors almost $4 billion after disclosing a 1.9 billion euro ($2.1 billion) hole in its accounts that its auditor EY said was the result of a sophisticated global fraud....
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