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Special audit requested by SdK rejected by the court

Berlin, 12 September 2023: The Berlin Regional Court has rejected the application of the Schutzgemeinschaft der Kapitalanleger (SdK) for a special audit of ADLER Real Estate AG (“ADLER”), a subsidiary of Adler Group S.A. The reason was concern of bias. The court found that the special auditor Reitze Wilken Partnerschaft von Rechtsanwälten mbH, who had been appointed by the SdK and had also already been appointed by the court, was not suitable for the special audit. Due to personal connections to the SdK, an objective audit could not be guaranteed; rather, an audit guided by interests - in the sense of the applicant - was to be feared. 

At the same time, the court was of the opinion that the application should be rejected in its entirety. This means that it is no longer possible to commission another law firm with the special audit. 

The SdK had attempted to enforce a special audit of various business transactions of ADLER Real Estate AG, some of which reached far into the past, after a corresponding motion at the extraordinary shareholders' meeting on 28 April 2023 failed to find a majority. After it became known that the press spokesman of the SdK was to be a member of the special audit team, ADLER filed a complaint.


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