EU Watchdog Slams Germany for Lapses in Wirecard Fraud | Investing News

By Huw Jones and John O’Donnell

LONDON/FRANKFURT (Reuters) – 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).

Those accused, including Braun, deny any wrongdoing.

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.

ESMA said in a rare 190-page rebuke of another regulator that it found a number of deficiencies, inefficiencies and legal and procedural impediments relating to BaFin’s independence from issuers and

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