EU watchdog slams Germany for lapses in Wirecard fraud

Germany failed to do enough to avert the Wirecard fraud, the European Union’s markets watchdog said on Tuesday as it delivered a highly critical verdict on the country‚Äôs handling of its biggest post-war corporate scam. Wirecard’s former Chief Executive Markus Braun and other executives have been held on suspicion of running a criminal racket that defrauded creditors of 3.2 billion euros ($3.73 billion). The European Securities and Markets Authority (ESMA) began a fast-track review in July into how Germany’s markets regulator BaFin and the country’s accounting watchdog the Financial Reporting Enforcement Panel (FREP) enforced EU transparency rules governing company information for markets and investors.

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