The head of a German watchdog is under fire after revealing he traded shares in disgraced fintech Wirecard just before its collapse, report says

• A German watchdog chief is facing a probe after he revealed he traded shares in payments firm Wirecard just before its huge accounting scandal, the Financial Times reported.
• Ralf Bose, head auditor at Apas since 2016, told a committee hearing on Thursday that he bought Wirecard shares in April and sold them at a loss in May.
• As head of the audit regulator, Bose had direct oversight over Wirecard's own auditor EY.

The head of Germany's audit watchdog is facing a probe after admitting he traded shares in Wirecard during his own regulatory body's investigation into the scandal-ridden firm's auditor, the Financial Times reported Friday.

Ralf Bose, who has headed auditor Apas for four years now, is said to have traded Wirecard stock only days before the company's collapse and insolvency after its huge accounting scandal.

As head of the regulatory insight body, Bose was responsible for overseeing EY, which has audited the Wirecard's accounts for years until its downfall earlier this year.

He disclosed to a parliamentary committee on Thursday evening that he bought Wirecard shares in April and sold them at a loss in May, the FT said. Around the same time, Apas was confidentially discussing the fintech's accounting fraud with German financial regulator BaFin.

The size of his investment in the now-insolvent Wirecard is unknown.

Apas was not immediately available for comment when contacted by Business Insider.

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Peter Altmaier, Germany's minister for economic affairs, has vowed to investigate the head auditor's role in the "disconcerting" share trading. "We will discuss the matter with the people involved," the FT reported him as saying.

The matter is a particular stab in confidence for Germany's officials and authorities who have been facing questions over failure to detect illicit activities in the once-valuable fintech group.

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