European fund manager Alexander Darwall admits he invested too much in Wirecard, the German fintech company that collapsed after auditors found a multi-billion black hole in its accounts. But he also said that German regulators bear some of the blame for not spotting the fraud sooner, and there are still plenty of unanswered questions about the company.
The manager of the Silver-rated European Opportunities Trust (JEO) says the episode was a lesson in having too large a stake in companies – and a reminder that you can’t always rely on regulators to spot problems. Certainly, the regulators in Germany and the accountants proved to be inadequate, he said.
What Happened to Wirecard
Payments giant Wirecard admitted in June 2020 that nearly 2 …
Read the full article at: https://www.morningstar.co.uk/uk/news/209044/darwalls-lessons-from-wirecard.aspx
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