In an interview with the Handelsblatt, the Chairman of the Board of Directors is convinced that the Adler Group will survive the crisis.
(Photo: imago/sepp spiegl)
Dusseldorf, Berlin Stefan Kirsten has been in office as Chairman of the Board of Directors of the Adler Group for less than four months, but in the short time he has probably experienced more unrest and stress than many other top managers in the whole year. At the end of April, only hours were missing and the real estate group’s existence would have been threatened. Adler just barely met the deadline for publishing the 2021 annual financial statements.
Nevertheless, the conclusion shocked the industry and investors, because the auditors from KPMG refused the certificate for the group listed in the SDax.
In addition, Adler had to report a loss of more than one billion euros, fed by massive value adjustments at the project developer Consus.
Adler is also under pressure because of allegations made by short seller Fraser Perring and his analyst firm Viceroy in October against the group and its adviser Cevdet Caner. Financial regulators and prosecutors deal with the company, its balance sheets and operations.
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