Official statement on Adler Group S.A.

Geneviève Feyt
Press and Media Officer
KPMG in Luxembourg
 

Luxembourg - 30.04.2022 - On 6 October 2021, a third party, Viceroy Research, issued a public report detailing allegations relating to the Adler Group S.A. (“the Company” and collectively with its subsidiaries, “the Group”) including irregularities in certain transactions entered into by the Group.

The Board of Directors of the Group commissioned KPMG Germany to carry out a special forensic investigation to investigate these matters, the findings of which were published by the Group on its website on 22 April 2022.

Based on these findings, KPMG Luxembourg, société anonyme, was unable to complete its audits of the annual accounts of the Company and the consolidated financial statements of the Group for the financial year ended 31 December 2021 and included a disclaimer of opinion in both audit reports on 30 April 2022. 

KPMG Luxembourg, société anonyme, also concluded that its audit reports on the annual accounts of the Company and the consolidated financial statements of the Group for the financial year ended 31 December 2020 should no longer be relied upon based on the result of the special forensic investigation.

For the same reason, KPMG Luxembourg, société anonyme has withdrawn its limited assurance report on the sustainability report of the Group for the financial year ended 31 December 2020. The report previously issued should no longer be relied upon.

Further to a number of queries arising KPMG Luxembourg S.A. comments as follows:

KPMG Luxembourg S.A. was engaged to audit the annual and consolidated accounts of Adler Group S.A. for the year ended 31 December 2021 in accordance with EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit profession (“Law of 23 July 2016”) and International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”) but was unable to obtain sufficient appropriate audit evidence to provide the basis for audit opinions on the accounts.

KPMG Luxembourg S.A. did issue audit reports, including disclaimers of opinion, on the annual and consolidated accounts on 30 April 2022.