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

div classBodysc17zpet90 cdBBJodivpReuters – German real estate group Adler Group SA 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 companys financial statements.p

pAdler has been embroiled in an accounting investigation follows allegations made against it last October by short seller Fraser Perrings Viceroy Research.pdivdivdiv classBodysc17zpet90 cdBBJodiv

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 jointCEO Thierry Beaudemoulin were accepted on the understanding that they will stay on until the companys annual general meeting on 29 June and then stand for reelection.

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.

pp Reporting by Sabahatjahan Contractor in Bengaluru Editing by Hugh Lawsonp

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