About: http://data.cimple.eu/news-article/852fccecadc24757ce8cb54b6a03e1a49596d79f3ac6a2e00f6fb761

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About: http://data.cimple.eu/news-article/852fccecadc24757ce8cb54b6a03e1a49596d79f3ac6a2e00f6fb761 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	German ministers on Wednesday rolled out plans to beef up oversight of the financial sector in Europe's biggest economy, on the eve of a parliamentary inquiry into the spectacular collapse of former fintech darling Wirecard. The payment-service provider crumbled in June after it was forced to admit 1.9 billion euros ($2.2 billon) was missing from its balance sheet, a scandal described by Finance Minister Olaf Scholz as "unparallelled" in Germany. Scholz, himself under fire over Wirecard's downfall, on Wednesday together with Justice Minister Christine Lambrecht unveiled an "action plan" that would give financial regulator Bafin "more bite". Bafin would be able to take over control of auditing in cases of suspected accounting fraud, while listed companies would have to change auditors every ten years, rather than 20. Tougher penalties would also be imposed for balance-sheet manipulation, reaching a maximum of five years in prison from three currently. Scholz said that Germany must "regain lost trust" as a financial centre, and "more effective inspection measures" were required. The Wirecard case showed that "balance sheet control systems reach their limits against strong criminal intent", Lambrecht said. The company's former CEO Markus Braun and several other top executives have been arrested on fraud charges since Wirecard's collapse. But ministers including Scholz have struggled to put down criticism over their failure to prevent the scandal. The case is also proving to be embarrassing for Chancellor Angela Merkel who had on a trip to China discussed Wirecard's planned foray into the Chinese market. edf/hmn/tgb
schema:headline	Germany proposes beefed up regulation in response to Wirecard collapse
schema:mentions	Johann Martin Augustin Scholz Lambrecht, Rhineland-Palatinate Christine Lambrecht Finance minister Olaf Scholz Beef Angela Merkel Germany Chief executive officer European Union China Billon (alloy) Federal Ministry of Justice and Consumer Protection Accounting scandals Markus Braun Financial centre European Development Fund Balance sheet Wirecard Financial technology
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-10-07 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)

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