Frankfurt am Main (AFP) – Germany’s finance and economy ministers will be grilled by lawmakers on Wednesday about the massive fraud scandal that brought down payments provider Wirecard, amid criticism that authorities failed to act on early warning signs.
Wirecard filed for insolvency last month after admitting that 1.9 billion euros ($2.2 billion) missing from its accounts did not exist.
Former CEO Markus Braun has been arrested on suspicion of falsifying accounts and market manipulation.
The Wirecard revelations have stunned Germany, drawing comparisons with the Enron accounting scandal in the United States almost two decades ago.
Germany’s parliamentary finance committee has asked Finance Minister Olaf Scholz and Economy Minister Peter Altmaier to attend a closed door special hearing to shed light on the saga from 1400 GMT.
Questions are likely to focus on when exactly government officials and regulators learned of accounting irregularities at Wirecard, and if there were any
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Insurance companies are getting even more time to implement a new rule for valuing long-term contracts following a vote by the Financial Accounting Standards Board on Wednesday.
The rule maker, which sets accounting standards for companies and nonprofits in the U.S., in June proposed a delay of another year for the new rule amid the economic harm caused by the coronavirus pandemic. The rule was first delayed by a year last November to give companies more time to modernize their processes for reporting and valuation.
Insurance firms must review assumptions used to measure the value of their long-term contractual obligations and make revisions if needed. Long-term contracts include agreements on annuities, endowments and title insurance. Short-duration contracts usually cover property and liability protection.
Publicly listed insurers, excluding small ones, may