Commenting on the developments surrounding the German payment firm Wirecard, German Finance Minister Olaf Scholz told Reuters that the case was “highly alarming.” Earlier in the day, Wirecard’s former CEO Markus Braun got arrested in Germany after the company reported last Friday that €1.9 billion ($2.15 billion) had gone missing from its balance sheet. Key takeaways “It’s now up to prosecutors to investigate possible manipulation by Wirecard.” “Wirecard case also raises questions about regulation, especially accounting and balance sheet oversight.” “Wirecard case suggests auditors, supervisors did not work effectively.” “German financial watchdog BaFin already said it had made mistakes, these must be identified and eliminated quickly.” “We have to quickly determine how to change our regulatory rules.” Market reaction Although Germany’s DAX 30 Index retreated slightly from daily highs, it’s still up 2.6% on the day at 12,583 points. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK PM Johnson: Thanks to our progress, we can safely ease lockdown in England FX Street 2 years Commenting on the developments surrounding the German payment firm Wirecard, German Finance Minister Olaf Scholz told Reuters that the case was "highly alarming." Earlier in the day, Wirecard's former CEO Markus Braun got arrested in Germany after the company reported last Friday that €1.9 billion ($2.15 billion) had gone missing from its balance sheet. Key takeaways "It's now up to prosecutors to investigate possible manipulation by Wirecard." "Wirecard case also raises questions about regulation, especially accounting and balance sheet oversight." "Wirecard case suggests auditors, supervisors did not work effectively." "German financial watchdog BaFin already said it had made mistakes, these must… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
