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Adler Group withholds dividend citing audit, names new CFO

Reuters
·1-min read

BERLIN (Reuters) - German company Adler on Monday named Thomas Echelmeyer new chief financial officer and said its board of directors decided to not submit a dividend proposal to its shareholders until an audit opinion is issued.

"For reasons of prudence, the Board ... will therefore not make any forward-looking statement on the dividend until further notice," the company said in a statement.

Earlier this month, Germany's financial regulator said Adler Real Estate overstated the value of one of its projects by up to 233 million euros ($233.21 million), citing an ongoing audit of the company's financial statements.

($1 = 0.9991 euros)

(Reporting by Riham Alkousaa; Editing by Chris Reese)