Connect with us

Hi, what are you looking for?

Online Business Success

Deutsche Bank executive seeks injunction over Wirecard report

A senior Deutsche Bank executive and former EY partner who was in charge of Wirecard audits has taken legal action to try to prevent a German parliamentary committee naming him in a report into the scandal.

Andreas Loetscher, who was one of EY’s two lead audit partners on Wirecard between 2015 to 2017, on Monday asked Berlin’s administrative court for an injunction against the publication of the report, which will be discussed in the Bundestag on Friday, the first anniversary of Wirecard’s insolvency.

The move is part of a battle between Wirecard’s former auditors and German lawmakers. EY is already at loggerheads with parliament about the publication of a separate scathing report by a special investigator, who concluded that the audits suffered from a series of significant shortcomings.

People familiar with the matter told the FT that the application for an injunction was filed in Loetscher’s private capacity and that the move was not co-ordinated with his current or former employers. Deutsche declined to comment and EY did not immediately respond to a request for comment.

Wirecard collapsed after acknowledging that €1.9bn in corporate cash may never have existed. It had previously received unqualified audits from EY for more than a decade.

Loetscher joined Deutsche in 2018 as head of accounting after more than two decades at EY. He temporarily stepped aside from that position late last year but has remained as an adviser on audit matters.

He has claimed that the job switch was the result of “untenable suspicions” from the committee. At the time, Deutsche said it occurred “at Andreas’ request and by mutual agreement”.

Advertisement. Scroll to continue reading.

Loetscher’s work as lead auditor is public knowledge as he personally signed Wirecard’s audits, and his last name was mentioned in the defunct group’s publicly available annual results.

Last November, when he was invited as a witness to the parliamentary hearings into the Wirecard scandal, he declined to answer questions, citing an investigation into his conduct by regulators.

Shortly afterwards, Munich criminal prosecutors announced that they had launched a criminal investigation into certain EY partners over Wirecard.

Loetscher, who has denied any wrongdoing, has argued that any mention of his name in the public report would violate his personality rights. His lawyers have suggested that he could be referred to by his initials, rather than his full name.

Loetscher and his lawyer did not immediately respond to an inquiry by the FT.

Source link

Click to comment

Leave a Reply




In brief: Ever since the Coronavirus forced some people to accept working from home as part of the new normal, it was only a...

Loan And Finance

Global Aerospace, a provider of aerospace insurance, has announced the appointment of Rachel Priester as director of claims – USA, effective Feb....

Online Business Success

Tempting though it may be, employers needn’t resign themselves to what’s being deemed as the Great Resignation. Instead, they need to be strategic about...


Join gaming leaders, alongside GamesBeat and Facebook Gaming, for their 2nd Annual GamesBeat & Facebook Gaming Summit | GamesBeat: Into the Metaverse 2 this...


In the latest turn in the ongoing Apple vs Ericsson saga, Apple appears to have filed a second countersuit against Ericsson, this time in...

Top Stories

Prominent crypto entrepreneurs and supporters, who shared memes on Twitter about doing odd jobs amid an ongoing market crash, were joined by global fast-food...


Best TVs for Apple TV iMore 2022 While the best Apple TV is the Apple TV 4K, it’s no good to you unless you...

Top Stories

Starting on Jan. 27, the South Korean crypto exchange Bithumb will not allow users to withdraw their crypto assets to unverified private wallets. On...


You May Also Like

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...


In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...