Posted on Jan 29, 2021 at 6:00 PMUpdated Jan 29, 2021, 8:05 PM
After the cascading revelations about the scale of the Wirecard scandal, the situation was no longer tenable: Felix Hufeld, the boss of the German financial supervisory authority, BaFin, ended up jumping. ” We combine the planned organizational reform of BaFin with a new start in terms of personnel, ”German Economy Minister Olaf Scholz announced on Friday. The latter anticipates the results of an internal investigation into the functioning of BaFin which must be presented in the coming weeks.
Since the resounding bankruptcy last June of Wirecard, former German champion of online payment, criticism has been mounting against the financial supervisory authority, which had not seen the ball happen. Worse, the BaFin had chosen to prosecute the Financial Times at the origin of the revelations on Wirecard’s accounting fraud in 2015, rather than open an in-depth investigation. Felix Hufeld’s assistant, Elisabeth Roegele, had also taken the party to ban short sales which speculated on the fall of Wirecard in February 2019. She also announced her resignation on Friday evening.