ADO PROPERTIES S.A. (FRA:LU125015) EQS-News: 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
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EQS-News: Adler Group S.A.
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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. |
| 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 |
| EQS News ID: | 1669353 |
| End of News | EQS News Service |
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1669353 29.06.2023 CET/CEST