However, Monday’s news sent Wirecard as high as 2.186 euros ($2.57) in Frankfurt before shares pulled back a bit to close at 1.8364 euros ($2.16) — up 15.5 percent on the day. Get India stock market quotes, stock quote news india, latest share prices for WRCDF.PK Germany must toughen its rules for auditing and accounting to prevent another billion-euro scam like the Wirecard scandal, Bundesbank President Jens Weidmann said in a newspaper interview published on Monday.German Finance Minister Olaf Scholz on Friday proposed to toughen financial oversight of companies, seeking to pre-empt an expected parliamentary backlash over the failure of regulators to spot the huge fraud that obliterated Wirecard .The collapse of German payments firm Wirecard has become a focal point for an overhaul of how the European Union regulates the finance industry as it evolves away from traditional banks towards fintech companies, its financial services chief said.German Finance Minister Olaf Scholz is seeking a regulatory overhaul to avoid a repeat of the supervisory failures that allowed Wirecard build up a 2 billion euro hole in its accounts before collapsing last month, Sueddeutsche Zeitung reported.German prosecutors arrested three former top executives of Wirecard on Wednesday, saying it suspected them of masterminding a criminal racket to fake the company's accounts and bilk creditors of billions of euros.German prosecutors made additional arrests and widened their investigation into Wirecard on Wednesday, saying they now suspected the management of the failed payments company of organized commercial criminal fraud.German payments company Wirecard has hired Alix Partners for a forensic investigation of the accounting scandal that led to its collapse, people close to the matter said.German payments firm Wirecard has hired Alix Partners for a forensic investigation of the accounting scandal which led to its collapse, people close to the matter said.The German parliament's financial committee will hold an extraordinary meeting on the Wirecard scandal on Wednesday next week and Finance Minister Olaf Scholz is expected to be there, a Social Democrat (SPD) lawamker said on Monday.Former Wirecard chief operating officer Jan Marsalek travelled to Minsk soon after he was suspended and may still be in Belarus or Russia, a German magazine reported on Saturday.Germany's Social Democrat Finance Minister Olaf Scholz is facing calls from rival parties to account for the regulatory failures that led to the collapse of Wirecard after it emerged he knew of concerns about the company 18 months ago.The U.S. payments company Stripe is picking up some former Wirecard customers, an executive told Reuters.In the wake of the Wirecard accounting scandal, exchange operator Deutsche Boerse said on Friday it was proposing rules to enable it to quickly expel companies from the leading DAX index if those firms file for insolvency.In the wake of the Wirecard accounting scandal, exchange operator Deutsche Boerse said on Friday it was proposing rules to enable it to quickly expel companies from the leading DAX index when those firms file for insolvency.German authorities pressed on for four years investigating investors who bet against Wirecard AG's shares, even after a UK regulator concluded that their evidence against the short sellers was "not sufficient," according to documents and people familiar with the matter.Germany's federal audit office will look into the system of oversight and risk management in the Wirecard case and why financial watchdog BaFin appeared not to pick up on clues of alleged market manipulation, its president told a magazine.The European Union's markets watchdog said on Wednesday that it was reviewing Germany's financial reporting set-up in the wake of Wirecard's collapse as Germany widened its own investigation into the failed company.Germany's financial watchdog is widening its examination into possible insider trading of Wirecard shares to include any individuals who have sat on the company's management and supervisory boards in 2020, a BaFin spokeswoman said on Wednesday.The German financial watchdog BaFin said on Tuesday that it had filed a complaint with Munich prosecutors over a further episode of alleged insider trading in Wirecard.The European Commission has asked the bloc's market regulator to assess the responsibilities of financial supervisors in the scandal that led to the collapse of German fintech firm Wirecard, the EU executive's vice-president said on Friday.Quote and financial data from Refinitiv.

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