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Company founder Wolfgang Grenke is resigning from the supervisory board with immediate effect
Photo: Marijan Murat / dpa
The serious allegations of the British financial investor Fraser Perring have personnel consequences for the leasing company Grenke.
Company founder Wolfgang Grenke is resigning from his supervisory board mandate with immediate effect until the allegations have been cleared, the entrepreneur announced.
The company from Baden-Baden, which was founded in 1978 and specializes in the rental of IT equipment and office equipment, also announced an independent audit.
On the stock exchange, Grenke was under pressure again at the beginning of the week - the shares temporarily lost almost ten percent to 30 euros and were among the biggest losers in the MDax.
Fraud, money laundering and deception
At the center of the allegations is the company's franchise system.
The British investor, who had already invested with Wirecard, accused Grenke of fraud, money laundering and deception in a 64-page document - and at the same time bets on a fall in the stock market.
Among other things, Perring criticizes that Grenke bought companies at excessive values.
Wolfgang Grenke has personally enriched himself, which he denies.
In order to avoid conflicts of interest during the special audit, Wolfgang Grenke now wants to suspend his supervisory board mandates at Grenke AG, Grenke Bank and Swiss Grenkeleasing.
In addition, an integration of the franchise system into the group is being considered.
The board of directors and the supervisory board want to have this checked by the independent auditing company.
Analyst sees "first step"
CEO Antje Leminsky announced a special report last week that should dispel Perring's allegations.
This is drawn up by the auditing company KPMG, which has been auditing the company's balance sheet for several years.
"That was a first step towards regaining trust," said analyst Andreas Schäfer from Bankhaus Lampe.
Cases of fraud in the past were discovered and addressed early on.
He stuck to his target price of 68 euros per share.
Since Perring's allegations became known, the Grenke shares have lost around half their value.
Grenke major shareholder Gané stood behind the group.
"We cannot derive any indications from the allegations that the consolidated financial statements of Grenke AG as of December 31, 2019 do not provide a true and fair view of the asset, financial and earnings position," said the asset manager based in Aschaffenburg.
However, changes in the structure of the company are necessary.
Gané owns a nine percent stake in Grenke.
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mik / Reuters
