Accounting News

BaFin Boss Resigns, Dogged By Wirecard Accounting Scandal

Law360, London (January 29, 2021, 6:03 PM GMT) — The head of Germany’s financial regulator resigned on Friday after coming under pressure over his handling of Wirecard AG, the payments company that collapsed with a €1.9 billion ($2.3 billion) hole in its accounts in the country’s biggest-ever accounting fraud.

BaFin president Felix Hufeld announced his departure in a joint statement with Germany’s finance minister Olaf Scholz, who said the Wirecard scandal had revealed that the financial supervisor “needs a reorganization in order to be able to fulfill its supervisory function more effectively.”

Scholz said he had discussed the situation with Hufeld at a joint meeting. He said they came to…

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