Grenke – An Update

September 18, 2020 – Dear BaFin,

Wolfgang Grenke issued a tepid and intentionally opaque response to Viceroy’s accusations of undisclosed related parties yesterday.

The statement asserts that the supervisory board was aware of these undisclosed related parties and off-balance sheet trading entities since their inception, about 10 years ago.

Viceroy believes that the proper course of action following Wolfgang Grenke’s incriminating statement is for the supervisory board to:

– Reject their knowledge of Wolfgang’s invested interest in CTP, and remove him from the board; or
– Resign

Wolfgang Grenke’s obscurely mistakes IFRS interpretations of control, and astonishingly asserts that Grenke had direct involvement in even the beneficial ownership structure of these subsidiaries. KPMG must now take action to ensure all these off-balance sheet trading entities are properly accounted for in Grenke’s financial statements – past, present, and future.

Author: Viceroy Research

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