FRANKFURT - Germany's financial watchdog took more than a year to report Wirecard for suspected market manipulation after receiving a tip-off from a whistle-blower about irregularities at the payments company.
The German regulator has come under intense criticism for its handling of a scandal that top government officials said risked damaging the country's reputation. While the FT detailed suspected fraud and suspicious transactions at Wirecard, BaFin's immediate efforts last year appeared to be mainly geared towards containing the damage from the allegations by banning investors from betting against the stock.
Supervisors have to act if they see"crystal clear indications, not from a shady source coming anywhere around the globe, but from a major public prosecutor in Germany", he said.
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