The auditing company KMPG reveals the true face of the Adler Group.
(Photo: Kostas Koufogiorgos)
The misery of the real estate group Adler is easily recognizable. Work has been standing still on many of the company’s construction sites for months. In Düsseldorf, Berlin or Offenbach hardly a construction crane is turning. For a long time, however, the Adler management denied the standstill on the construction sites or advanced flimsy justifications.
As of this weekend, however, the company faces an uncertain future. Adler shows a loss of billions for 2021. Is there a new Wirecard case? Two financial scandals within just two years – that’s the last thing the German capital market needs.
In any case, the auditors refused to certify the balance sheet. Adler failed for a number of reasons. First and foremost is a lack of transparency. KPMG’s auditors stated that certain documents were withheld from them.
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