German Finance Minister Olaf Scholz described as a scandal the collapse of Wirecard after the payments company disclosed a hole in its books that left it owing creditors almost US$4 billion, adding it was a wake-up call for supervision.
FILE PHOTO: German Finance Minister Olaf Scholz gestures as he speaks during a news conference, amid the coronavirus disease outbreak, in Berlin, Germany, June 17, 2020. REUTERS/Annegret Hilse/PoolBERLIN: German Finance Minister Olaf Scholz described as a scandal the collapse of Wirecard after the payments company disclosed a hole in its books that left it owing creditors almost US$4 billion, adding it was a wake-up call for supervision.
"We must rethink our supervisory structures," said Scholz, adding he had asked his ministry in the coming days to come up with some ideas."If legal, legislative, regulatory measures are needed, we will embrace them and implement them," he said."A scandal like Wirecard is a wake-up call that we need more monitoring and oversight than we have today," he said.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »