Amid criticism over the BaFin’s, Germany's financial regulator, handling of the Wirecard fraud scandal, the head of Germany's financial regulator will leave his post.
Felix Hufeld, the head of Germany's financial watchdog BaFin, is being replaced as the fallout from the Wirecard fraud scandal continues to grow. Finance Minister Olaf Scholz announced the move on January 29, 2021, saying it was part of an effort to overhaul the agency.
The news comes after BaFin announced that one of its own employees was suspected of insider trading connected to Wirecard's collapse, according to DW.
BaFin has come under immense pressure over the scandal, with regulators accused of poor oversight and missing warning signs that permitted the accounting fraud to continue for years. A parliamentary committee has been tasked with finding out who knew what and when, the online publication added.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.