German Regulator Looks to Open Probe Into Grenke’s Accounting
- BaFin is under pressure to investigate fraud allegations
- Regulator is expected to mandate auditing firm for inquiry
The Grenke AG headquarters in Baden-baden, Germany.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Germany’s financial regulator is considering opening a probe into Grenke AG’s accounting practices, wading deeper into the controversy after criticism of its failure to unearth fraud at Wirecard AG.
BaFin is expected to mandate an auditing firm to carry out the investigation of Grenke’s accounts, according to people familiar with the matter. The German regulator has so far limited its involvement into looking at whether Grenke or other parties manipulated the price of the leasing company’s securities.