Project of the Adler Group in Düsseldorf: The group now wants to restructure its bonds under British law.
(Photo: Handelsblatt/Nagel)
Berlin, Dusseldorf The search of the ailing real estate group Adler Group for an auditor becomes a farce: Despite a court order, the auditing company KPMG refuses to audit the company’s balance sheets. KPMG has rejected the appointment of the Berlin-Charlottenburg district court for the German subsidiary Adler Real Estate, as the Adler Group announced on Wednesday evening.
The group is in a dilemma that has never existed in German economic history: According to the law, Adler needs audited annual financial statements, but nobody wants to take on the uncomfortable mandate – and German law does not provide for a mechanism to force an auditor to do so oblige.
Adler has been struggling to survive for months. The crisis was triggered by allegations of fraud and manipulation raised by a short seller in October 2021. Adler commissioned KPMG with a special audit intended to clear the group of all allegations.
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