Grenke Conference Call Rebuttal

September 24, 2020 – On Friday September 18, 2020 Grenke management hosted a conference call in response to our research. Grenke management’s pro-transparency virtue signaling and intentionally opaque and censored responses are the real slap in the face to investors, regulators, and creditors.

Grenke – Sharing Emails

CTP emails have been hosted on Grenke’s servers since at least 2018.

September 21, 2020 – Grenke AG responded to Viceroy’s report in a brief and intentionally opaque update last Friday.

As far as we know, the live recording of the conference call or any transcript of the call was not made available by Grenke to investors, as promised, so we withhold our full response until we can properly quote management’s incriminating statements.

A review of CTP’s DNS history shows that its email servers are hosted by Grenke and have been since at least 2018: almost 2 years prior to the acquisition of CTP’s owner Sacoma AG by Wolfgang Grenke.

It is astonishing to imagine a company with compliance and internal control measures as great as Grenke’s is willing to allow third-party organizations into their mail servers.

It is with disrespect that Grenke management expect shareholders to buy this narrative without evidence.

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.

Grenke – Selective Blindness

Viceroy’s quick take on Grenke’s responses – and their omissions – so far.

September 16, 2020 – Viceroy Research is short Grenke AG (XTRA: GLJ).

You can find our original report published on Sep 15, 2020 in the following link:

Grenke – For Your Fraud Financing Needs

Grenke have made scattered responses to the press and via a press release. As fascinating and incriminating as the responses have been, it is the lack of response to key issues that are of greater concern to Grenke investors.

Grenke – For Your Fraud Financing Needs

Viceroy puts the spotlight on Grenke’s chicanery; swindling small businesses, laundering money for criminals, & accounting fraud.

September 14, 2020 – Viceroy Research is short Grenke AG (XTRA: GLJ).

Grenke’s global expansion through the purchase of dozens of undisclosed related party franchises is a fraudulent scheme perpetrated on a mass scale, designed to either hide fake cash or siphon off millions of euros to undisclosed related parties, or both.

Grenke’s banking division has been a conduit for the proceeds of crime and money laundering, and could face the loss of its banking license.

Grenke’s leasing model facilitates and encourages rampant fraud from resellers, resulting in bad debt, protracted legal disputes and the defrauding of small businesses, the government, and charities. Legitimate leasing of small ticket tech is becoming increasingly redundant, in outdated and fast diminishing business segments.

Viceroy Research believes Grenke AG’s stock is uninvestable due to blatant accounting fraud, including dozens of undisclosed related party transactions, and the complete lack of internal controls, right down to individual due diligence on customers.

Grenke’s bonds are hovering above junk territory due to capital adequacy stemming from its banking business, which we believe is hiding fake cash, and is actively used to launder money for binary options scams, crypto scams, and fraudulent unregulated trading platform.