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Adler Board Members Quit After Auditor Refuses to Sign Off on Huge Loss

  • Landlord writes down more than $1 billion in goodwill
  • Auditor KPMG declines to sign off after Adler withheld emails
An Adler Group SA luxury apartment construction site in Berlin, Germany.

An Adler Group SA luxury apartment construction site in Berlin, Germany.

Photographer: Krisztian Bocsi/Bloomberg
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The bulk of Adler Group SA’s board offered their resignations after the company posted a 1.18 billion-euro ($1.24 billion) loss in annual results that the company’s auditor declined to endorse.

The embattled German landlord said Saturday that the loss was largely tied a writedown of its property development business and that auditor KPMG refused to provide an opinion on the accounts after Adler withheld information on some deals. Hours after the company released the delayed results, it said in a separate statement that all members of the board who held a role last year offered to quit.