London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

German Chancellor Merkel to Testify in Wirecard Fraud Investigation in April

German Chancellor Merkel to Testify in Wirecard Fraud Investigation in April

Wirecard AG filed for insolvency on 25 August last year in a court ruling after failing to report a $2.3 billion "black hole" in its balance sheets.

German Chancellor Angela Merkel will testify at the end of April as a witness in front of the Bundestag Investigative Committee as part of the Wirecard scandal case, DPA reported.

Her testimony is expected to take place on 23 April, a day after the testimony of Vice-Chancellor Olaf Scholz. German Economy Minister Peter Altmaier's testimony is planned for 20 April.

FDP politician and investigative committee member Florian Toncar said “April is going to be intense."

The investigation could be uncomfortable for the German chancellor – she lobbied for Wirecard during an official trip to China in September 2019, which came months after whistleblowers had raised concerns over fraud at the payments processor that sparked a police probe in Singapore.

The House of Wirecard


Wirecard – now insolvent – is a German payment processor and financial services provider. The company was founded in 1999 and in 2018 became one of the biggest companies in the country. In June 2020, a scandal hit as the company announced that $2.3 bn in cash was "missing."

The logo of German payments provider Wirecard is seen at a building of the company's headquarters in Aschheim near Munich, southern Germany, on November 18, 2020 as the first creditors' event after the financial scandal takes place in Munich.


The company also badly damaged trust in Germany's oversight system after it was revealed that it had been unprofitable for years and relied on fake overseas transactions to cover up the fraud.

Prosecutors in Munich believe Wirecard began cooking its books to show profits as early as 2015, with estimated total losses of around $3.6 bn.

As a result, former Chief Executive Officer Markus Braun was locked up, while his second in command Jan Marsalek remains on the run.

Finance Minister Olaf Scholz in January announced plans to replace the head of Germany's financial watchdog BaFin Felix Hufeld in the wake of the scandal as part of a move to overhaul the agency.

Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×