June 22, 2020 / 9:35 AM / 19 days ago

German watchdog says Wirecard case is "total disaster"

FRANKFURT, June 22 (Reuters) - German financial watchdog Bafin on Monday said that developments at payment group Wirecard were a "total disaster".

"It is a scandal that something like this could happen", Bafin president Felix Hufeld said at the sidelines of a conference in Frankfurt.

Germany's Wirecard admitted on Monday that 1.9 billion euros ($2.13 billion) it counted in foreign accounts was likely never there, withdrawing earlier financial statements. ($1 = 0.8916 euros) (Reporting by Patricia Uhlig; Writing by Arno Schuetze; editing by John O'Donnell)

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