20/14700: Motion for a resolution and report of the 1st Committee of Inquiry of the 20th parliamentary term in accordance with Article 44 of the Basic Law (PDF)
The motion for a resolution and report of the 1st Committee of Inquiry of the 20th parliamentary term in accordance with Article 44 of the Basic Law (PDF) was submitted to the German Bundestag on 2023-02-17. The Committee had been set up to investigate the Wirecard scandal, and its report presents the findings of its investigation.
The report is divided into four parts. The first part provides an overview of the Wirecard scandal, the second part examines the role of the German Financial Supervisory Authority (BaFin) in the scandal, the third part examines the role of the German government in the scandal, and the fourth part makes recommendations for preventing similar scandals in the future.
The report finds that Wirecard was able to deceive investors and regulators for many years because it was able to manipulate its accounts and create a false impression of its financial health. BaFin failed to adequately supervise Wirecard, and the German government failed to take appropriate action to address concerns about Wirecard’s financial practices.
The report makes a number of recommendations for preventing similar scandals in the future, including:
- Strengthening the powers of BaFin
- Increasing the transparency of financial reporting
- Enhancing the cooperation between BaFin and other regulatory authorities
- Establishing a new independent body to oversee the financial sector
The report was adopted by the 1st Committee of Inquiry on 2023-02-16. The Bundestag is expected to debate the report and vote on its recommendations in the coming weeks.
Here is a link to the full report: dipbt.bundestag.de/doc/btd/20/206/2020675.pdf
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