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Wirecard probe put finance watchdogs under spotlight
SINGAPORE: Singapore authorities have added two additional charges against the director of a local accounting firm in relation to the case tied to disgraced German payments company Wirecard AG.
FRANKFURT: Deutsche Boerse AG will remove Wirecard AG from its benchmark DAX index ahead of a regular quarterly review following the collapse of the payments company amid allegations of accounting fraud.
MANILA (Reuters): The Philippines is seeking to confirm whether a recently registered death was that of former Wirecard executive Christopher Bauer, one of several people being investigated over a multi-billion dollar fraud at the German payments firm.
LONDON: The Wirecard AG scandal could spark a revamp of how the European Union carries out financial supervision, top official Valdis Dombrovskis told the Financial Times.
ZURICH: Credit Suisse Group AG is set to announce a sweeping overhaul of its business as Chief Executive Officer Thomas Gottstein seeks to tighten controls and boost the performance of the investment bank.
FRANKFURT: German authorities pressed on for four years investigating investors who bet against Wirecard AG’s shares, even after a UK regulator concluded that their evidence against the short sellers was “not sufficient”, according to documents and people familiar with the matter.
LONDON: The UK’s dominant accounting firms must separate their audit units from their other operations by June 2024 as the country’s industry watchdog reacts to shortcomings that led to the collapse of several companies.
KUALA LUMPUR: Bank Negara is closely monitoring the operations of Wirecard Payment Solutions Malaysia Sdn Bhd (Wirecard MY) to ensure that it will continue to fully meet its settlement obligations to merchants in Malaysia.
The collapse of fintech darling Wirecard AG into insolvency proceedings is a total embarrassment for Germany, whose regulatory apparatus and corporate-governance system failed to properly scrutinise the company’s accounting practices even as red flags kept being waved.