Board of Directors of Adler Group S.A. and Supervisory Board of ADLER Real Estate AG express full confidence in and support to Sven-Christian Frank
June 29, 2023 at 01:36 pm EDT
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Board of Directors of Adler Group S.A. and Supervisory Board of ADLER Real Estate AG express full confidence in and support to Sven-Christian Frank
29.06.2023 / 19:34 CET/CEST
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Board of Directors of Adler Group S.A. and Supervisory Board of ADLER Real Estate AG express full confidence in and support to Sven-Christian Frank
Luxembourg / Berlin, 29 June 2023 --- The Board of Directors of Adler Group S.A (“Adler Group”) and the Supervisory Board of ADLER Real Estate AG (“ADLER”) today independently expressed their respective full confidence in and support for Sven-Christian Frank, Chief Legal Officer and member of the senior management team of Adler Group, as well as member of the Executive Board of ADLER. Previously, Sven-Christian Frank had asked the two boards to temporarily release him from his duties and responsibilities. This request was not granted by the two boards independently of each other. The background to this is an investigation by the Frankfurt public prosecutor's office in which Sven-Christian Frank is listed as a defendant.
On the previous day, 28 June 2023, investigators from the Frankfurt Public Prosecutor's Office and the Federal Criminal Police Office had seized business documents at the premises of the Adler companies. The court-ordered investigations took place against the background of business transactions at ADLER Real Estate AG in 2019, which extend into 2020. The business transactions in question relate to the “Gerresheim” project and the relevant accounting as well as payments under two consultancy agreements with one of the defendants.
The underlying business transactions have been known for years and have already been the subject of several external and internal investigations and analyses. No misconduct on the part of Sven-Christian Frank in his function as a member of the Management Board of ADLER Real Estate AG was found. Therefore, also in light of the general presumption of innocence, there is no reason for both boards to doubt the integrity of Sven-Christian Frank and to dispense with his outstanding expertise in the phase of restructuring the companies.
The Adler Group and ADLER are cooperating with the authorities and fully support a clarification of the facts as quickly as possible.
Contact
Investor Relations:
T +352 278 456 710
F +352 203 015 00
E investorrelations@adler-group.com
29.06.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com
Language:
English
Company:
Adler Group S.A.
55 Allée Scheffer
2520 Luxembourg
Luxemburg
Phone:
+352 278 456 710
Fax:
+352 203 015 00
E-mail:
investorrelations@adler-group.com
Internet:
www.adler-group.com
ISIN:
LU1250154413
WKN:
A14U78
Indices:
FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX
Adler Group SA, formerly known as ADO Properties, is a Luxembourg-based real estate company. The Company operates in Germany, in the residential real estate field with approximately 70,000 residential units, and a development pipeline of approximately 10,000 new flats in Germany. The Company focuses on asset and portfolio management, property and facility management and developing residential properties throughout Germany. The Company operates through two business segments: Residential property management and development. Residential property management offers renting and managing residential properties, the management of tenancy agreements and marketing of residential units with the focus on optimization of rental income. The development side of the business splits into build-to-sell projects and build-to-hold projects.