Adler Group SA said it had commissioned a review of 800,000 documents originally withheld from its forensic audit and found no evidence of related-party deals.
(Bloomberg) — Adler Group SA said it had commissioned a review of 800,000 documents originally withheld from its forensic audit and found no evidence of related-party deals.
The German landlord said the review conducted by a law firm was investigating whether there was anything incriminating in the emails, calender entries and documents that had been withheld from KPMG’s probe, according to a statement Tuesday. Adler did not disclose who had completed the review on its behalf.
Adler has been roiled by short seller allegations and a memo sent to its lenders by a former associate of Cevdet Caner, the tycoon accused of pulling the strings behind the company. The firm and Caner denied the charges and the landlord commissioned KPMG to conduct a forensic audit that cleared the company of systemic fraud, while failing to disprove all of the points leveled.Â
KPMG added a disclaimer of opinion to Adler’s accounts after the documents were withheld and it subsequently quit as auditor. Adler, which originally disclosed 3.1 million of 3.9 million requested documents, said the communications were subject to attorney-client privilege.
Adler is now in talks with creditors as it races to secure extra time to conduct orderly asset sales to repay its debts after the allegations and the departure of KPMG of auditor hampered its ability to refinance.Â
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