The Kleptocrats Shadow Directors

Adler is controlled by an undisclosed cabal of kleptocrats which we believe have systematically asset-stripped
Adler and its subsidiaries for over a decade.
This cabal is headed by secretive financier Cevdet Caner, who was previously responsible for the second
largest REIT collapse in German history: Level One.
Caner now operates Adler from a yacht in Monaco. Despite holding no official position at the company and
claiming to be no more than a consultant, Caner’s control is an open secret and has drawn the attention of
Israeli and German authorities.
Caner’s wife, brother-in-law, and other associates from Caner’s failed Level One venture own or hold senior
positions at various related-party entities. These related-party entities act covertly and in concert with Adler
in the commission of its schemes.
The Looting Unjust Enrichment of Friends and Fraud

Adler systematically uses underhanded tactics to acquire better-capitalized companies only to strip them of
resources and assets in uncommercial transactions with related parties, or to leverage them to the hilt to enable
more looting.
Gerresheim Marking Transaction
A 75% stake in a project owned by Brack (an Adler subsidiary) was sold to an entity ultimately controlled by
Caner’s brother-in-law at an inflated price, of which only a third has been paid.
This created fake paper profits on Brack’s (and hence Adler’s) balance sheet, which allowed Adler to borrow
more money.
The Gerresheim transaction has subsequently been reversed, and Adler has disclosed no major works have
been completed due to ongoing disputes with permitting entities and the German national railway
company.
A mortgage was taken out against the underlying Gerresheim property by the new “owners” to the sum of
145m. A loan from Adler was also granted to the holding SPV for the sum of m to date. On reversal,
there is insufficient cash to repay these loans. Where has this cash gone?

ADO Properties Co p d état Transaction

Adler Real Estate entered into an aggressive business combination with ADO Properties. Adler effectively
took control of ADO with a relatively small stake financed by a bridging loan. ADO was ripe for looting.

ADO Properties (now controlled by “old Adler”) acquired Adler Real Estate and renamed itself “Adler
Group”. Now in full control of a better capitalized entity: the kleptocrats continued looting.

Consus – “Looting Transaction

Consus is Adler’s biggest looting transaction, and largely responsible for Adler’s negative debt ratings. Prior
to acquisition, Consus was a thinly capitalized developer owned by undisclosed related parties and with
considerable debt: demanding interest in excess of 20%.
Consus was formed when a shell company acquired a 59% stake in CG Gruppe from related party and major
shareholder, Aggregate Holdings, for m. Aggregate acquired this same asset for m less than a year
prior.
Prior to Adler purchasing its full stake in Consus, the company was looted for everything of value (which
already was not much) by insiders and associates. It was then foisted onto Adler shareholders.

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