F. A. Z. exclusive: First actions for damages against the Bafin

According to the insolvency of the financial group, Wirecard, the German financial authority, Bafin, actions for damages taken. Michael Leipold, a lawyer for Ba

F. A. Z. exclusive: First actions for damages against the Bafin

According to the insolvency of the financial group, Wirecard, the German financial authority, Bafin, actions for damages taken. Michael Leipold, a lawyer for Bank and capital market law, in behalf of about 300 injured Wirecard investors filed a lawsuit against the authority. "We are currently reviewing how we can take the Bafin in liability," said Leipold on Sunday, the F. A. Z., Also against the auditor of EY (formerly Ernst & Young) is preparing his firm for a lawsuit, since this is apparently over a number of years wrong year to have audited financial statements. Investors had been deprived of this important information.

Henning Peitsmeier

economic correspondent in Munich.

F. A. Z.

Leipold international represents the shareholders as an asset Manager in Hong Kong, as well as small private investors have lost money in the collapse of the Wirecard AG stock. Much of this talk, that valuable claims might exist against the accountants as well as the Bafin. After Bafin-President Felix Hufeld've already given to significant errors, increased the chances again. "The Supreme representative of the authority itself speaks of negligence and has thus laid the Foundation stone for the damages," said Leipold.

Hufeld had referred to the events of Wirecard as a "disgrace" for Germany. The Berlin lawyers Marc Liebscher and Wolfgang Schirp prepare a class-action lawsuit due to state liability against the Federal Republic of Germany. Why the blatant failure of the German Supervisory authorities "in the case of Wirecard is for you also". "We will sue the Federal Republic of Germany for our clients on compensation," said Liebscher.

"A serious error"

Wirecard has been suspected for many years of fraud and money laundering. As the British business newspaper "Financial Times" had raised at the beginning of 2019, the specific allegations against the Munich-based payment processor, didn't take the Bafin, this is the occasion for a wide-ranging special investigation, criticized attorney Leipold. In fact, the case, Wirecard was supervisors, according to a report the "Frankfurter Allgemeine Sunday newspaper" of the German Financial despite the numerous references to possible accounting fraud only with a minimum of effort checked.

it is Therefore seen that the Bafin in February 2019 under the securities monitoring occasion, the serious allegations in the case of Wirecard pursue. But in the case of this study representative of the German financial reporting enforcement panel (frep) was employed so that Substantially only a single employee. External assistance as a "balance police" designated verifier has not consulted also. Leipold sees a severe problem with the Bafin, the suspected abduction of the procedure near.

Updated Date: 28 June 2020, 08:19

You need to login to comment.

Please register or login.

RELATED NEWS