FRANKFURT – German landlord Adler is to be barred from the banking and capital market until it has audited its financial statements. The announcement was made Monday by Adler’s board following an accounting investigation.

Viceroy Research, a short seller by Fraser Perring, stated in October that Adler had artificially overinflated his balance sheet. This prompted BaFin (German financial watchdog) to investigate the financial statements of Adler.

Viceroy made no allegations against Adler, Germany’s largest real estate company, and appointed CBRE and KPMG auditors to conduct an investigation.

Adler, however, stated that KPMG had not provided enough evidence in March to prove all claims against the company. The auditor also declined to provide an opinion about its 2021 report.

Adler also hopes to have an audit done for 2022. Chairman Stefan Kirsten spoke at a press conference Monday after Saturday’s board resignation.

“We will of course deal with that issue. It is the obligation of the board. He said that he didn’t have any comment to make at this time.

Kirsten said Adler also had around 0.5 Billion euros (or $526.20 million). She is still legal able to pay dividends. Kirsten will decide the payout for shareholders in 2021 in mid May.

According to the Chairman, there are no concerns at this moment.

($1 = 0.9502 euros)