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Bafin President Felix Hufeld
Photo: imago stock / imago images / focal distanceffm
The bankruptcy of the insolvent scandalous company Wirecard also had its own bank: the Wirecard Bank.
It seemed to be a gem in the midst of the abysses.
The fraud allegations passed her by.
Insolvency administrator Michael Jaffé even hopes to sell the group subsidiary for 100 million euros.
He can probably forget that, as previously unpublished audit reports of the bank suggest, which were prepared by the auditor EY for the years 2017 and 2018 and which are available to SPIEGEL.
They are full of critical comments, especially on the lending business, a central area of the financial institution.
The documents are really uncomfortable for the financial supervisory authority Bafin.
In the Wirecard case, she has so far talked herself out of not being responsible because it was not a financial, but a technology group.
With the upheavals surrounding the Wirecard Bank, this excuse no longer works - the bank was under their control.
The auditors' reports went to the Bafin, and what was written there on the Wirecard Bank balance sheet for 2018 should actually have alerted the officials.
"Overall, we consider the procedures and processes of the WDB (
Wirecard Bank
-Red.) In the lending business to be sufficient only with restrictions," it says.
And further: "Not customary in banking and not sufficient for the business model of WDB" in particular the processes for disclosing the economic situation and for assessing the value adjustments.
In plain language: Wirecard Bank did not heed the basics of banking.
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