Deutsche Bank executive seeks injunction over Wirecard report

A senior Deutsche Bank executive and former EY partner who was in charge of Wirecard audits has taken legal action to try to prevent a German parliamentary committee from naming him in a report on the scandal.

Andreas Luescher, who was one of EY’s two main firms auditing Wirecard between 2015 and 2017, on Monday asked the Administrative Court in Berlin to issue an injunction against publication of the report, which will be debated in the Bundestag on Friday, the first anniversary of the report’s release. Wirecard bankruptcy.

The move is part of a battle between former Wirecard auditors and German lawmakers. EY has already been in a row with Parliament over the publication of a separate scathing report by a private investigator, who has concluded that the audits suffered from a series of significant shortcomings.

People familiar with the matter told the Financial Times that the injunction request was filed in his private capacity, and that the move was not coordinated with current or former employers. Deutsche declined to comment and EY did not immediately respond to a request for comment.

Wirecard collapsed after admitting that €1.9 billion in corporate money may not have existed at all. It had previously received disqualified audits from EY for more than a decade.

Loetscher joined Deutsche in 2018 as Head of Accounting after more than two decades at EY. He temporarily stepped down from that position late last year, but remains an advisor on audit matters.

He claimed that the job change was the result of “indefensible suspicions” of the commission. At the time, Deutsche said it happened “at the request of Andreas and by mutual agreement”.

Loetscher’s work as lead auditor is public knowledge because he personally signed Wirecard audits, and his last name is mentioned in the publicly available annual results of the dissolved group.

Last November, when he was called as a witness to parliamentary hearings in the Wirecard scandal, he refused to answer questions, citing an investigation into his conduct by regulators.

Shortly thereafter, criminal prosecutors in Munich announced that they had launched a criminal investigation with some of EY’s partners via Wirecard.

Loecher, who has denied wrongdoing, argued that any mention of his name in the public report would infringe his personal rights. His lawyers suggested that he could be referred to by his initials instead of his full name.

Loescher and his attorney did not immediately respond to an inquiry from the Financial Times.

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