H2O’s Auditor Gave Adverse Opinion on Its 2022 Accounts (1)

The holding company of H2O Asset Management, the investment boutique that was embroiled in a crisis linked to German financier Lars Windhorst, received an adverse opinion from its auditor amid concerns over its 2022 accounts.

In a Dec. 8 report to shareholders of H2O’s Luxembourg-based holding company, Mazars said the books didn’t provide an “accurate” view of the firm’s consolidated financial situation. The auditor justified its stance saying the holding company and its subsidiaries had not consolidated their balance sheets for the same accounting period.

Mazars said it hadn’t seen enough relevant information regarding the valuation of about ...