Wirecard stands for one of the biggest financial scandals in Germany in the post-war period. The shareholders and board members of a small financial services provider had succeeded in creating the image of a company worth billions that could even oust Commerzbank from the top 20 companies that make up the DAX. When the castle in the air burst, many investors turned to the Bafin, the state supervisory authority for financial companies, as well as to the auditors Ernst and Young, who had certified the accuracy of the balance sheets for years without any reservations.
The Federal Court of Justice has now ruled that the representatives of Bafin cannot be accused of a breach of official duty, meaning that the investors - including many Italian investors - will go away empty-handed (judgement of 10 January 2024 - III ZR 57/23). The main culprit is still on the run. He is believed to be in Russia.
