Better Finance, the European Investors' Federation, characterised the Wirecard collapse on Wednesday as 'an outrageous case of corporate governance, external auditing and regulatory failures', putting forward several policy recommendations for EU authorities. These include a consistent regulatory framework, whoever the provider is (a tech firm, a bank), for financial services; an end to the ‘benign neglect’ shown by authorities to the investors and pension savers who are the victims of such abuse ‘whilst simultaneously wondering why they do not trust financial markets’, and they call for an investigation of the failings of audit firms.
At the same time, DSW, the leading shareholder association in Germany, supported by Better Finance, is offering support to Wirecard investors. “A law suit is currently the measure to take for investors to get their money back. This is not only an option for the shareholders of Wirecard but also for bond holders and holders of derivatives on Wirecard shares," said their press release. Even if Wirecard goes bankrupt, “we see in the focus of our action the responsibilities of the current and former members of the management and supervisory board of Wirecard as well as the auditor EY", explains Marc Tüngler, DSW’s chief executive.
UKSA extend our sympathies to our investor cousins in Europe, and we fully support their efforts to obtain justice from the regulatory system.
