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German finance minister asked about two financial scandals – Observer

German Finance Minister Olaf Scholz, who aspires to become chancellor, was subjected on Wednesday to a series of embarrassing questions about two financial scandals shaking Germany.

Scholz, who aspires to be successful, by the Social Democratic Party (SPD), the conservative Angela Merkel in place of the German Chancellor, was forced to explain to German MPs two financial scandals that eclipsed his tenure as finance minister. .

The most evolving problem has been the case of online payment company Wirecard, which collapsed in June after a financial hole of two billion euros was revealed in its accounts. However, Olaf Scholz also had to answer, before the Finance Committee of the German Parliament, the scandal of a process of tax evasion orchestrated by investors, says Cum-ex, which will have cost 5.5 billion euros in crates of According to official estimates.

The minister had to explain in detail the authorization of a debt of one million euros in favor of a Hamburg bank involved in this scandal, the Warburg Bank, while he was mayor of the city, as well as its links with the patron. of this institution, Christian Olearius.

“There should be no political intervention, and neither was there in Hamburg,” Scholz pleaded before lawmakers, before declaring himself convinced that the various criminal proceedings under way “will recover the billions “from which German taxpayers have been deprived.

In view of these clarifications, the spokesperson for the liberal FDP party, Florian Toncar, demanded that the minister dispel all doubts, through an investigation, namely “the intolerable suspicion that the Warburg Bank may have benefited from a preferential treatment to maintain funds obtained criminally ”.

These cases undermine the popularity of the SPD in the polls, so the minister has proposed reforming corporate control rules, to avoid cases like those under investigation. Scholz also argued for more powers for German banking regulators.

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