Adler says he will remain barred from financial markets until audit is complete By Reuters

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FRANKFURT (Reuters) – German owner Adler will remain barred from banking and capital markets until its financial statements have been audited, the company said on Monday after its board resigned amid an investigation. accounting.

Viceroy Research, short seller of Fraser Perring, said in October that Adler’s balance sheet had been artificially inflated, prompting German financial watchdog BaFin to review the company’s financial reports.

Adler, one of Germany’s largest property companies, dismissed Viceroy’s allegations and appointed auditors CBRE and KPMG to investigate.

However, Adler said in March that KPMG did not have enough evidence to refute all of the claims made against the company and that the auditor had declined to give an opinion on its 2021 report.

Adler is also aiming to get an audit for 2022, Chairman Stefan Kirsten said at a news conference Monday after the board resigned on Saturday.

“We will, of course, deal with the matter. It is the duty of the board. But I don’t see anything there at the moment that I can comment on,” he said.

Kirsten also said Adler has approximately 0.5 billion euros ($526.20 million) in cash and cash equivalents, is still legally able to pay dividends and will decide on the 2021 payout to shareholders. in mid-May.

“We have no concerns at this point,” the president said.

($1 = 0.9502 euros)