(Photo: imago/IPON)
The real estate group Adler Group has to put up with a serious defeat in the ongoing dispute over its reporting system. According to its own statements, the auditor KPMG is not in a position to issue an audit opinion after the end of the audit. KPMG announced a so-called Disclaimer of Opinion (note of refusal) for the consolidated financial statements and individual financial statements for 2021, Adler announced late Friday evening in Luxembourg.
Investors were appalled. The real estate group’s share price collapsed by almost a third on the Tradegate trading platform in an initial reaction.
Only a week ago, after a KPMG special test, Adler said he was relieved of the allegations. Although deficiencies were found in the documentation and in the processing of some transactions, the special auditors did not find any evidence that there had been systematic “fraudulent transactions or transactions plundering the company with allegedly related persons”, Adler reported.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue