Property investment company Adler Group was targetted in 2021 by shortseller Viceroy Research  which made various allegations including inflation of property values and undisclosed related-party transactions. A forensic investigation by KPMG, also Adler's auditor, failed to exonerate the company fully. Indeed, failure to provide full documentation on related-party transactions resulted in KPMG issuing a disclaimer of opinion on Adler's FY21 financials. Its financials for FY22 and FY23 were unaudited. The German regulator BaFin also found certain irregularities in Adler's financials. However, the full extent of any wrongdoing remains unclear.

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.