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Baden-Baden (dpa) - The leasing specialist Grenke, who was under pressure after allegations of manipulation, has commented on the reasons for the resignation of board member Mark Kindermann.
"Immediate reason" for the withdrawal of the head of the operational business were criticisms of the Federal Financial Supervisory Authority (Bafin) on "processes of internal auditing and compliance in the context of ongoing audits" by auditors from Mazars, as stated in an open letter from on Tuesday Grenke supervisory board chairman Ernst-Moritz Lipp to the investors was called.
During audits by auditors from KPMG and Mazars, there have already been "some qualitative information and findings with regard to internal auditing and compliance organization," it said.
The company emphasized that none of the Bafin’s criticisms suggest any direct effects on the company's balance sheet or profit and loss account.
The Bafin’s criticism was therefore, among other things, in the area of internal auditing about the quality of working papers and the ability of the board of directors to discard identified deficiencies.
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The Bafin then announced that it would decide to dismiss Mark Kindermann as a member of the board.
Kindermann informed the Supervisory Board on February 8th that he wanted to resign from his position on the Executive Board and all other corporate mandates.
Kindermann Grenke is to be available for a transitional period outside of the Board of Management to ensure a smooth handover.
Kindermann's remaining tasks are to be distributed to existing employees.
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 intended 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.
© dpa-infocom, dpa: 210209-99-371502 / 2
Overview of the Grenke Management Board