Adler Group – Review of KPMG Investigation

Author: Viceroy Research Published on: April 29, 2022 Published in: Adler Group ETR:ADJ

April 29, 2022 – On 22 April 2022, Adler released KMPG’s special investigation report into the Adler Group and its subsidiaries. KPMG’s findings (or lack thereof, given Adler’s apparent unwillingness to cooperate) are hilariously damning. In a moment of pure lunacy: Adler management claims KPMG’s report absolves them of Viceroy’s allegations, which is consistent with management’s legacy of swindling shareholders.

Adler’s publication of the KPMG report has (poorly) anonymized identities of those involved. Viceroy have attempted to deanonymize the identities of most concerned parties, including most of the Caner Cabal. This codebreaker glossary can be found in Annexure 1 of this report (page 24).

Since the release of our report, Viceroy Research has also been in contact with various aggrieved suppliers and contractors of Adler. This report provides an update from us on Adler’s development portfolio, including a summary list of outstanding invoices to suppliers of Adler development properties amounting to €78m as at Q2 2021.

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