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Germany’s Olaf Scholz fired Finance Minister Christian Lindner on Wednesday, leading to the collapse of the ruling three-party coalition. Reuters Germany’s centre-left Chancellor Olaf Scholz fired Finance Minister Christian Lindner on Wednesday, signalling the collapse of the ruling three-party coalition. German Chancellor Olaf Scholz attends a media briefing at the Chancellery after sacking Finance Minister Christian Lindner following a meeting …

German prosecutors charge 3 with fraud in Wirecard collapse

German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard, widening the circle of suspects in a multi-billion-dollar fraud investigation into the collapse of the payments company. Wirecard filed for insolvency last month owing creditors 4 billion euros after disclosing a 1.9 billion euro hole in its accounts that its auditor EY said was …

Wirecard: Collapse reveals Germany’s financial oversight problems

Even with ample warning, German authorities failed to catch accounting issues at the digital-payments company. Wirecard AG’s collapse has laid bare significant cracks in Germany’s financial oversight, increasing pressure on Chancellor Angela Merkel’s government after one of the country’s biggest corporate failures. The regulator asked FREP in February 2019 to investigate, and since made multiple follow-up requests but hadn’t received …