June 22, 2020 / 9:39 AM / 12 days ago

German watchdog says Wirecard case is 'total disaster'

FILE PHOTO: The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside of an office building of the BaFin in Bonn, Germany, April 15, 2019. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - German financial watchdog Bafin on Monday said that developments at payment group Wirecard (WDIG.DE) were a “total disaster”.

“It is a scandal that something like this could happen”, Bafin president Felix Hufeld said at the sidelines of a conference in Frankfurt.

Germany’s Wirecard (WDIG.DE) admitted on Monday that 1.9 billion euros (£1.7 billion) it counted in foreign accounts was likely never there, withdrawing earlier financial statements.

Reporting by Patricia Uhlig; Writing by Arno Schuetze; editing by John O'Donnell

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