Grenke Says KPMG Hasn’t Found Evidence Supporting Fraud Claims

Grenke AG said a probe into the German leasing firm by its auditors has so far failed to uncover evidence supporting fraud allegations by a short seller.

KPMG LLP is carrying out a special audit after Fraser Perring’s Viceroy Research accused Grenke of buying franchise partners in deals “designed to either hide fake cash or siphon off millions of euros to undisclosed related parties, or both.” The company has repeatedly rejected the allegations.

“Background research on the 30 largest resellers did not reveal any indications that they do not exist, are involved in criminal transactions, or that their business ...