Date: 8th December 2022
Author: BETTER FINANCE
Type: In the news
For a long time considered a model of German success story, the online payment company Wirecard collapsed in 2020 in a dramatic and scandalous bankruptcy, tarnishing the reputation of the political class and financial control authorities. This Thursday, the trial of the former president of Wirecard and two other managers opens in Munich. An alleged accomplice is still at large.
The scandal generated unprecedented retail investor detriment of about €20 billion as BETTER FINANCE underlined in its press release from 5 December 2022, calling for an urgent reform of EU Audit Rules to avoid such an “outrageous case of corporate governance, external auditing and supervisory failures” from happening again in the future.