Auditor KPMG Denies Adler Group Certification for 2021

Distressed real estate investor Adler Group does not receive certification from KPMG’s auditors for its annual financial statements. KPMG Luxembourg, which was tasked with the audit, has informed the company that it will issue a “disclaimer (disclaimer note) for the consolidated financial statements and the 2021 individual financial statements,” the Adler Group announced Friday evening in Luxembourg. He was not “in a position to express an audit opinion”. The company did not provide any information on the reasons for the lack of certification.

This rejection note is due if there are so-called audit hurdles that prevent accounting experts from checking the basic facts on the balance sheet. However, the company will present its annual financial statements for 2021 as planned on Saturday – only on the terms that it
to fulfill the bonds. The Adler Group has repeatedly delayed publishing its balance sheet due to an investigation by KPMG auditors.

Occasion

The reason for the audit is the allegations of short seller Fraser Perring regarding Adler’s accounting methods. KPMG Forensic auditors did not find any systematic fraud, but they did identify shortcomings.

“It’s not a first-class vindication, of course shortcomings have been revealed,” said the new chairman of the Adler Group’s board of directors, Stefan Kersten, when presenting the results of the private audit. The BaFin Financial Supervisory Authority also checks the company’s books. “We will evaluate the findings of KPMG’s investigation into the Adler Group and include them in our audit,” a BaFin spokeswoman said.

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