Publications

May 3, 2022 – In anticipation of Adler Group’s investor call today Viceroy have prepared some questions regarding their annual report regarding recent development. In addition to these questions, Viceroy have found significant discrepancies in Adler's LTV calculations as well as management's claim that the annual report has been audited. In the face of the revelations in KPMG's report, an unaudited annual report and mass resignations we believe the company needs to come clean to investors instead of keeping up this charade.

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.

Below is an unlocked PDF copy of KPMG's special investigation report into Viceroy's concerns at the Adler Group. This version can be highlighted and copied from, unlike the version posted on Adler's website. Viceroy are analyzing the findings and will post further updates as the situation develops.

Viceroy have obtained the 12-page whistleblower report mentioned a recent Bloomberg article. Viceroy received the report anonymously just prior to our previous publication on Adler Group but Bloomberg make it clear that management and major stakeholders were aware of this information as early as March. Additionally, Viceroy received a cease-and-desist letter from Dr Ben Irle representing Cevdet Caner on October 11, 2021. The letter does not even attempt to disprove our collected evidence of undisclosed related party transactions instead relying on unsupported claims of impartiality and ignorance of our extensive referencing of sources. We think it is prudent that these two documents be published together. The whistleblower report speaks to substantially more related-party connections between Adler and Caner and highlights numerous other suspicious transactions which we are now looking at in closer detail. Viceroy have removed certain addresses and other information at our discretion which we do not believe are relevant for the purposes of assessing the Caner/Adler relationship.  

OCTOBER 6, 2021 – Viceroy Research is short Adler Group SA (ETR : ADJ) and its listed subsidiaries. The Adler Group is a hotbed of fraud, deception and financial misrepresentation designed to hide its true financial position, which is bleak. The Adler Group exists as a conduit for its shadow directors and associates to systematically enrich themselves to the detriment of bondholders, shareholders, and minority holders of various listed investments. Adler Group’s modus operandi is to acquire or force mergers with better capitalized companies to then saddle them with debt. Management then channels cash and assets to enrich its friends and associates via undisclosed and blatantly uncommercial related-party transactions, many of which are never intended to be settled in full. Its balance sheet has been artificially inflated to a significant degree, its shares are not investible, and its bonds are almost certain to default with very large impairments. The business practices at Adler and amongst its kleptocratic network are not simply sharp dealing, they amount to gross dishonesty and fraud, and the roll-up nature of the company makes any financial analysis time-consuming and difficult. There are significant regulatory issues at play, and we expect authorities may soon act. For these reasons we refuse to assign a target price to Adler’s shares and believe they are un-investable.