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He will temporarily leave prison to testify about the collapse of what was previously hailed as Germany’s leading fintech company.
The commission of inquiry was set up by opposition lawmakers to probe ties between German politicians and regulators and Munich-based Wirecard, which left investors with billions of euros out of their pockets when it exploded in June..
Brown, accused of fraud and embezzlement, must face the investigation committee in person after the court rejected his request to appear via video link.
The former Wirecard CEO, who has been in detention for a short time after he stepped down in June, denies all charges.
Brown is not expected to discuss the charges, but politicians are expected to talk about contacts with the government and financial regulator..
German politicians and regulators are facing allegations of lax oversight over the fallen stock market star, which collapsed after the discovery of € 1. 9 billion accounting holes.
Waircard’s demise also caused embarrassment for the German government, which prides itself on a reputation for integrity and reliability, amid criticism that authorities have ignored red flags.
As head of the German Finance Ministry, Olaf Schultz, the Social Democrats’ candidate to succeed Angela Merkel as chancellor, is in charge of the financial regulator BaFin, who has been criticized for failing to take responsibility for Wirecard.
The Ministry of Finance said that it would cooperate with the parliamentary investigation and that it was working on stricter rules for auditors, oversight and accountability controls..
The plaintiffs have also faced criticism for failing to identify problems with Wirecard, and instead have questioned journalists at the Financial Times, which first published allegations regarding its accounts..
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Wirecard, Germany, CEO
World News – CA – Ex-CEO of Wirecard for questioning by German politicians
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Ref: https://www.rte.ie
