# Wirecard files for insolvency under BaFin’s finance-ministry watch

Date: 2020

On 25 June 2020 Wirecard filed for insolvency after disclosing that 1.9 billion euros probably did not exist. [Scholz](/people/mig-olaf-scholz) was finance minister overseeing BaFin. A later Bundestag inquiry examined the supervision failure. Insolvency is a corporate fact; the oversight gap is public.

## People

- Olaf Scholz: https://factrail.ai/people/olaf-scholz

## Drivers

- Institutional Corruption: https://factrail.ai/drivers/institutional-corruption

## Sources

- https://www.reuters.com/article/us-wirecard-accounts-idUSKBN23W2DC/
- https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Financial_markets/Articles/2020-07-09-wirecard.html

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/de-wirecard-scholz-finance-2018