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How the Grenke audit turned out

D.he balance sheet audit of the Baden-Baden company financier Grenke has so far not revealed any abnormalities, according to the Management Board. While this news had resulted in a significant price gain of 6 percent for the share on Tuesday, the price fell a day later by 3 percent at times. The company management had published a corresponding intermediate status of the special audits. At the same time, however, she emphasized that there was no official interim report by the auditors.

The British investor Fraser Perring has been accusing Grenke for days, among other things, of accounting fraud and insider trading in favor of Wolfgang Grenke. The founder and major shareholder is said to have enriched himself through the private financing of the leasing companies. As a short seller, Perring himself had, however, made a profit from the subsequent price decline. The management board and the supervisory board have rejected the allegations and commissioned KPMG and Warth & Klein Grant Thornton to investigate them.

At the same time, the financial supervisory authority Bafin checks the books. According to the Grenke Management Board, the review of the four largest leasing companies taken over has so far not shown any disadvantages to the detriment of the company. The profit contributions would rather be in line with expectations. The takeovers could therefore be described as positive for the group. No evidence could be found for Perring’s second allegation – money laundering and customer fraud. At the current status, no significant abnormalities can be identified. The number of legal cases is at a low level.

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