President of the Federal Network Agency to Be Summoned
Berlin. Klaus Müller, President of the Federal Network Agency, will have to testify on his knowledge of the circumstances surrounding the collapse of banking house Greensill. This was announced by the Bundestag Budget Committee on Tuesday. The Greens and the Left Party had called for the testimony.
The collapse of Greensill Capital, founded by Australian financier Lex Greensill, had a significant impact on several German banks. The state bank Landesbank Baden-Württemberg was hit particularly hard and had to be rescued by a multi-billion bailout.
According to the Greens and Left Party, Müller may have known about the risks associated with Greensill as early as 2020. However, he allegedly did not take any action against the bank.
Müller’s hearing is scheduled for January 25, 2023. He is expected to answer questions about the Federal Network Agency’s monitoring of Greensill and its contacts with the bank.
The Greensill collapse is considered one of the biggest financial scandals in recent German history. The former investment bank, which specialized in supply chain financing, collapsed in March 2021. The company’s insolvency triggered a liquidity crisis at several German banks.
The Federal Network Agency is responsible for overseeing the financial markets in Germany. It is unclear whether Müller will have to face any consequences as a result of his testimony.
Präsident der Bundesnetzagentur wird vernommen
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