Adler Group: Viceroy report, KPMG disclaimer, BaFin findings, raids and debt restructuring
Adler Group: Viceroy report, KPMG disclaimer, BaFin findings, raids and debt restructuring: a public-record watch file compiled by Falling Shares Intelligence from filings and exchange disclosures, as of 2026-11-09. In October 2021 short seller Viceroy Research made allegations about Adler's property valuations and transactions; Adler rejected them.
From a short-seller report in October 2021 to KPMG's refusal to give an opinion, BaFin error findings, 2023 raids and a restructured debt profile: what the record shows and what the company says.
Falling Shares Intelligence, Edited by Wung Thomas, Editor-in-Chief. As of .
Summary
- In October 2021 short seller Viceroy Research made allegations about Adler's property valuations and transactions; Adler rejected them.
- KPMG's forensic review (April 2022) did not allege fraud but found irregularities, and KPMG then disclaimed an opinion on the 2021 accounts. BaFin later made error findings on the 2019 to 2021 group accounts.
- Frankfurt prosecutors and federal police searched premises in seven countries in June 2023 on suspicion of false accounting, breach of trust and market manipulation.
- A UK restructuring plan was sanctioned in April 2023 and set aside on appeal in January 2024. In 2026 the company reports no capital-market debt maturing before the end of 2028.
Key figures
| 2021 pre-tax loss | just over EUR 1bn (Mainly goodwill and business-value impairments, per the company's April 2022 accounts) |
|---|---|
| Officers in the June 2023 searches | 175 (About two dozen addresses in seven countries) |
| Loan to value, June 2026 | 79.2% (Company H1 2026 release) |
| Capital-market debt maturities | None before end-2028 (Company H1 2026 release (27 Aug 2026)) |
The short-seller report and the audit
Viceroy Research raises valuation allegations
Short seller Viceroy Research, through its principal, published serious allegations about Adler's property valuations and transactions in October 2021. Adler rejected the allegations. (Oct 2021)
KPMG forensic review: irregularities, no fraud alleged
A special investigation by KPMG reported accounting irregularities and an opaque system of consulting fees, including EUR 12.6m paid to an outside businessman in 2018 to 2020 for unspecified services, and a EUR 411.8m gap between KPMG's valuation of sampled development projects and the company's appraisers' figures. It did not allege fraud; the chairman said there was no systematic enrichment of individuals. (22 Apr 2022)
KPMG disclaims an opinion on the 2021 accounts
Adler published its 2021 accounts without an audit certificate after KPMG Luxembourg said it would issue a disclaimer of opinion. KPMG said it had not received important information about several transactions, which prevented it from checking material items. (30 Apr 2022)
BaFin and the prosecutors
BaFin finds an error in the 2019 accounts
In an error-finding procedure BaFin determined that the 2019 annual report of Adler Real Estate contained an accounting error, centred on the valuation of the Glasmacherviertel project, which it considered too high. Adler said it stood by the valuation, made by an independent expert, and would pursue all legal remedies. (Aug 2022)
BaFin closes its review with findings on 2020 and 2021
BaFin found that the Glasmacherviertel project was valued too high (by at least EUR 86m in 2020), that a EUR 59m receivable from the sale of a stake in Accentro should have carried a risk discount, and that the 2021 accounts did not disclose that a EUR 265m loan to the parent had no collateral. The review, which ran more than two years, was closed. (27 Dec 2023)
Prosecutors and federal police search premises in seven countries
Some 175 officers searched about two dozen addresses in Germany, Austria, the Netherlands, Portugal, Monaco, Luxembourg and the UK. Former Adler board members and affiliates were reported to be suspected of false accounting, breach of trust and market manipulation. Adler confirmed searches at its Luxembourg and Berlin offices and said it was cooperating. An earlier Frankfurt investigation concerned a 2019 property sale. (28 Jun 2023)
Restructuring and current position
UK High Court sanctions a restructuring plan
The High Court in London sanctioned Adler's restructuring plan under Part 26A, over the opposition of holders of notes due in 2029, who argued they would be better off in a formal liquidation. The plan extended maturities, provided about EUR 900m of new money and suspended interest for a period. (12 Apr 2023)
Court of Appeal sets the plan aside
The Court of Appeal set aside the sanctioned plan following a challenge by an ad hoc group of holders of the EUR 800m 2029 senior unsecured notes. (23 Jan 2024)
H1 2026: no capital-market maturities before end-2028
Adler reported loan to value of 79.2% and cash of EUR 155m at June 2026, EUR 201m of disposal proceeds applied to debt reduction year to date, and no capital-market debt maturing before the end of 2028. (27 Aug 2026)
Outcomes favourable to the company
No restatement required and no fine, per the company
Adler Group stressed that BaFin did not require the accounts to be restated, and said BaFin imposed no fine. (27 Dec 2023)
Standard
This file compiles regulator and court documents, exchange filings, company statements and published reporting about Adler Group S.A.. Allegations are attributed to those who made them. An investigation is not a charge, a charge is not a finding, and nothing here is a finding of wrongdoing unless a competent authority has made one. Adler Group rejected the short seller's allegations and says its forensic review found no systematic enrichment of individuals; the criminal investigation described here is, as far as this desk could establish, still open and no charge against the company has been reported. Individuals are not named unless an official document names them and they are central; otherwise roles are used. This is news coverage for information only, not investment advice.
Right of reply
Adler Group S.A., and anyone named in a record cited here, can send corrections or comments to info@fallingshares.com (or directly to the Editor-in-Chief, Wung Thomas, at wungthomas@fallingshares.com). Material responses will be published alongside the relevant entry.