Adler directors offer to quit after auditor declines to give opinion on financial statements

Adler SA

30/04/2022 21:31

April 30 (Reuters) - German real estate group Adler Group SA
 ADJ.DE  said on Saturday all members of its board of directors
had offered to resign with immediate effect, after an auditor
declined to give an opinion on the company's financial
statements.
    Adler has been embroiled in an accounting investigation
follows allegations made against it last October by short seller
Fraser Perring's Viceroy Research.  urn:newsml:reuters.com:*:nL8N2UL5T7
    Auditor KPMG recently said it did not have enough evidence
to disprove all of the claims made against the company.
    On Saturday, Adler said that the resignations of board
members Thilo Schmid, Thomas Zinnöcker and joint-CEO Thierry
Beaudemoulin were accepted on the understanding that they will
stay on until the company's annual general meeting on 29 June
and then stand for re-election.
    Until June the board will therefore consist of chairman A.
Stefan Kirsten, Beaudemoulin, Schmid and Zinnöcker.
    The company reported its annual results on Saturday.
    Adler said on Friday that the company had received notice
from auditor KPMG that it would issue a "disclaimer of opinion"
on the consolidated financial statements and annual accounts for
2021.

 (Reporting by Sabahatjahan Contractor in Bengaluru; Editing by
Hugh Lawson)
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