Deutsche Bank executive seeks injunction on 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 Loetscher, who was one of EY’s two main audit partners on Wirecard between 2015 and 2017, on Monday applied to the Berlin Administrative Court for an injunction against the publication of the report, which will be discussed in the Bundestag on Friday, the first birthday of Wirecard’s insolvency.

The move is part of a battle between former Wirecard listeners and German lawmakers. EY already disagrees with Parliament over the release of a separate scathing report by a special investigator, which found the audits suffered from a series of significant flaws.

People familiar with the matter told the FT that the injunction request was filed privately by Loetscher and the move was not coordinated with his current or former employers. Deutsche declined to comment and EY did not immediately respond to a request for comment.

Wirecard collapsed after acknowledging that € 1.9 billion in corporate cash may never have existed. He had already received unqualified 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 resigned this post at the end of last year, but continued to advise on audit matters.

He said the job change was the result of “unbearable suspicion” on the part of the committee. At the time, Deutsche said this had happened “at the request of Andreas and by mutual agreement”.

Loetscher’s work as lead auditor is common knowledge as he personally signed Wirecard audits, and his last name was mentioned in the late group’s public annual results.

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

Shortly after, Munich criminal prosecutors announced that they had opened a criminal investigation into some EY partners on Wirecard.

Loetscher, who has denied any wrongdoing, argued that any mention of his name in the public report would violate his personality rights. His lawyers have suggested that he could be referred to by his initials rather than his full name.

Loetscher and his lawyer did not immediately respond to an FT investigation.

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