Adler Group stands behind chief legal officer after raids

Adler SA

29/06/2023 19:19

FRANKFURT, June 29 (Reuters) - Adler Group  ADJ.DE  said
on Thursday that it was standing behind its chief legal officer
a day after company offices were searched in an accounting
inquiry.
    Adler said that the legal executive, Sven-Christian Frank,
was listed as a defendant by Frankfurt prosecutors and had as a
result offered to be released temporarily from his duties.
    Adler, one of Germany's biggest landlords, said its board
and the board of Adler Real Estate declined to accept the offer
because it had found "no misconduct" by Frank. 
    "There is no reason for both boards to doubt the integrity
of Sven-Christian Frank," Adler said.
    Frank and the Frankfurt prosecutors didn't immediately
respond to a request for comment.
    Frankfurt prosecutors said on Wednesday that German,
Austrian and British nationals between the ages of 38 and 66 are
under suspicion of false accounting, market manipulation and
breach of trust.
    Adler said it was cooperating with authorities for a
"clarification of the facts as quickly as possible".     
    

 (Reporting by Tom Sims)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))