Sports Financial service provider: Analysis house Viceroy reacts to Grenke statements with another attack

11:35  30 september  2020
11:35  30 september  2020 Source:   handelsblatt.com

BaFin - Are "very sensitive" at Grenke because of Wirecard

 BaFin - Are © Reuters / WOLFGANG RATTAY The logo of Germany's Federal Financial Supervisory Authority BaFin (Federal Financial Supervisory Authority) is pictured outside of an office building of the BaFin in Bonn Frankfurt (Reuters ) - The financial supervisory authority BaFin is drawing lessons from the accounting scandal at the payment service provider Wirecard and is now taking a closer look at Grenke.

Wolfgang Grenke issued a tepid and intentionally opaque response to Viceroy ’s accusations of undisclosed related parties yesterday. Viceroy believes that the proper course of action following Wolfgang Grenke ’s incriminating statement is for the supervisory board to

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Grenke wehrt sich gegen die Behauptungen des Investors Fraser Perring, der als sogenannter Leerverkäufer auf einen Kursverfall der Aktien wettet. © Bloomberg Grenke defends himself against the claims of the investor Fraser Perring, who as a so-called short seller bets on a decline in the share price.

On Monday, the founder of the leasing company Grenke commented on the allegations by Viceroy. The analysis house sees contradictions.

It took only a few hours for the analysis company Viceroy Research to react to the explanations of Wolfgang Grenke . Viceroy and the British shortseller Fraser Perring behind it published a statement on Tuesday, in which it is said that Grenke's statements are "full of contradictions and self-incriminating statements".

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The founder of the leasing service provider of the same name spoke for the first time in a personal conversation on Monday in the Handelsblatt about Viceroy's massive allegations. Grenke clearly rejected allegations of fraud and falsification of the balance sheet as well as alleged conflicts of interest and taking advantage at the expense of shareholders.

In today's statement, Viceroy pays particular attention to the details of Grenke's previous personal details in the company CTP, which holds franchise investments and from which Grenke AG took over companies in the past. Viceroy suspects Wolfgang Grenke's personal ties and conflicts of interest and believes that he actually exercised indirect control and acted to his own advantage in transactions.

stock market: After the shortseller attack: Grenke shares gain over 20 percent

 stock market: After the shortseller attack: Grenke shares gain over 20 percent © dpa On Thursday the group's share is on a recovery course. A 64-page report caused the shares of Grenke AG to collapse last. On Thursday, however, the paper recovered significantly. At 4 p.m. the leasing provider makes a statement. After the drastic price drops in the past two trading days, , the stock of the leasing company Grenke, is on a recovery course. The papers of the MDax group are quoted on Thursday 26 percent stronger at over 33 euros. The start of trading was rather unusual.

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Grenke had identified the investor Friedhelm Gruber and the lawyer Jörg-Erich Wilhelm on Monday as the people who controlled CTP and the Sacoma AG behind it. Viceroy described both of them as "experts in hiding personal and corporate identities".

Gruber in particular is known for obscuring personal and corporate identities in opaque jurisdictions, according to Viceroy. In Switzerland alone, Mr. Gruber has held a mandate at 21 companies since 1994. Viceroy, however, does not have any solid evidence to support the allegations. Both Wilhelm and Gruber have not yet been available to answer questions.

Viceroy also draws attention to the fact that Wolfgang Grenke contradicts the management of Grenke, which previously informed the magazine “Der Spiegel” that he did not know the identity of the previous beneficial owners of CTP.

Perring also harbors doubts about Grenke's statements about a third person, Corina Stangaciu, Grenke's partner. She holds shares in Garuna, another AG that has acquired holdings from CTP. Her commitment in 2014 and Grenke's parallel founding of an investment company in which he bundled the family's shares in Grenke AGH would be too close to be a coincidence. Viceroy believe this was intentional to circumvent certain disclosure rules.

More: This man causes the MDax group Grenke to have explanations.

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