German watchdog calls Wirecard a disaster

June 22, 2020

peter_IFAMAG reads Twitter so you don’t have to.

German watchdog Bafin had strong words for embattled payment group Wirecard today. In the UK Nikhil Rathi announced as FCA chief executive. A new ‘bounce back’ plan for the agriculture, food and drink industry also launches today.

Nikhil Rathi is named new permanent Chief Executive of the FCA today.

Nikhil Rathi, boss of London Stock Exchange, named new permanent chief executive of the Financial Conduct Authority.

— James Hurley (@jameshurley) June 22, 2020

The Wirecard story has continued to develop since Friday. A German financial watchdog called the missing money scandal a “disaster.”

The head of Germany's financial watchdog Bafin says the Wirecard situations is "a disaster" and "a shame". He accepts there have been failings at his own institution. "I salute" those journalists and short-sellers who were digging out inconsistencies on Wirecard, he says.

— Martin Arnold (@MAmdorsky) June 22, 2020

Tom Braithwaite shares FT article “Wirecard fights for survival.”

Wirecard: €1.9bn probably doesn't exist; trying to work out whether biggest business exists.
German finance minister: regulator did a good job.
By @fd, @OlafStorbeck @stef_palma
Oh, and for the first time in several months… comments are open https://t.co/oW3H8QlGg4

— Tom Braithwaite (@TBraithwaite) June 22, 2020

Bloomberg Live shares fascinating conversation about Africa’s accelerated digital banking transactions.

How has COVID-19 accelerated digital banking transactions in Africa? Ade Ayeyemi of @GroupEcobank tells @ManusCranny, "People are becoming accustomed to using digital means. It is cheaper and at a price point they can afford." #BloombergInvest https://t.co/1tJt7CkyhD pic.twitter.com/KsCwlWCMzn

— Bloomberg Live (@BloombergLive) June 22, 2020

MP Kevin Hollinrake announces ‘Bounce Back’ plan for agriculture, food and drink industries.