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Baden-Baden (dpa) - The leasing specialist Grenke, who is under pressure after allegations of manipulation, claims to have identified problems during an investigation of its internal processes - and has now separated from board member Mark Kindermann in the process.
The Baden-Baden group left open on Monday what exactly the long-standing COO - the head of operations - is being accused of.
In this context, the company only announced that there had been “critical preliminary evaluations of previous internal processes in the compliance organization and internal auditing” as part of ongoing audits.
Kindermann said that these assessments would have to be revised after the exams were completed.
Nevertheless, he resigned his mandate in order to keep the company away from “potential damage”.
The investor group Viceroy Research publicly attacked Grenke in mid-September and accused the group of, among other things, an opaque business model with unfair practices, fictitious profits and excessively reported cash holdings.
The Grenke franchising system is a fraud structure that is used to either hide air bookings for funds or divert money.
Behind the shortseller Viceroy is the Briton Fraser Perring, who had already messed with the now insolvent payment processor Wirecard.
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Grenke then commissioned various auditors to carry out internal investigations.
The group announced that the swift continuation of the audits and their completion would have "top priority".
Independently of this, the financial supervisory authority Bafin is currently also scrutinizing the company.
© dpa-infocom, dpa: 210208-99-352657 / 3
Overview of the Grenke Management Board