German financial leasing firm Grenke on Monday, September 21, said it would commission an independent audit to examine its franchise activities following accusations of fraud.
Grenke, which provides financing for small and midsize companies, strongly rejected the 64-page report, while German regulator Bafin said it wouldShares in Grenke have lost nearly half their value on Frankfurt's MDax since the report by short-selling specialist Perring, who in 2016 sounded the alarm over the disgraced payments provider Wirecard.
Grenke has also asked its usual auditor KPMG to separately conduct a"special audit" to rebut the fraud allegations.
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