Since the real estate company Adler has been fighting for trust after a short seller attack, investors and authorities have been asking themselves an anxious question: Is it a case like Wirecard or more like Grenke?
Because the landlord of office equipment Grenke also had to fight his way out of a misery into which a short seller attack had brought him with lengthy special tests and expert opinions.
The result: Although not everything was in the best of order at the company, the most serious accusation, according to which liquid funds were allegedly not available, was quickly cleared up by the Bundesbank, where the money was safely stored.
Anything but reassuring
In the end, Grenke was not able to show a clean slate in every respect, but was miles away from a financial scandal on the scale of the historic Wirecard affair.
The real estate company Adler, on the other hand, is not yet off the hook and wants to expand the special audit of its balance sheets.
The fact that it speaks of valuation differences that need to be narrowed down sounds anything but reassuring.