GRENKE supervisory board chairman: Manager Kindermann went after criticism by Bafin – GRENKE shares in the post-market plus | 02/09/21


GRENKE chief controller Ernst-Moritz Lipp turned to the battered investors one day after new turmoil surrounding the SDAX group.

In an open letter he writes that board member Mark Kindermann has resigned because of criticism from the regulatory authority Bafin.  The  GRENKE share price rose sharply on Tuesday on the Tradegate trading platform.

However, the paper did not make up for Monday’s fall in prices. GRENKE had reported on Kindermann’s departure in a mandatory notification, but only vaguely stated the reasons.

Lipp now told the investors that the company had “heard loud and clear the call for more transparency with regard to the resignation of our board member Mark Kindermann”. Kindermann left after the Bafin criticized “internal auditing and compliance processes in the context of ongoing audits”.

None of the points of criticism show “direct effects” on the balance sheet or the profit and loss account of the leasing specialist, Lipp continued. ©

 The  investigation, which the auditing company Mazars is carrying out on behalf of the Bafin, does not question the results of the audits published in December by the GRENKE contractors Warth & Klein Grant Thornton and KPMG “on any point”.

Bafin criticized, for example, the quality of working papers and manuals, the measurement of compliance risks and the company’s staffing levels, for example in compliance. ©

 The  Bafin announced that it would decide to dismiss Mark Kindermann as a member of the board after a deadline for comment. Kindermann then abdicated on his own initiative.

Lipp also stated that he had strengthened the crucial areas of internal auditing and compliance and that he wanted to strengthen them further.


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GRENKE supervisory board chairman Manager Kindermann criticism Bafin GRENKE shares postmarket


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