JP Morgan sticks by Adler

JP Morgan is sticking by German real estate firm Adler in the face of allegations from an anonymous whistleblower. Short-seller Viceroy Research sent Frankfurt-listed Adler Group’s shares tumbling last month, after publishing a critical report outlining the real estate group’s ties to Cevdet Caner, an Austrian entrepreneur who previously presided over one of Germany’s largest real estate insolvencies. But months before Viceroy published its report, an anonymous whistleblower e-mailed major banks that have transacted with Adler, such as Goldman Sachs and Deutsche Bank. The broad allegation from his critics, which Caner denies, is that he secretly controls Adler Group, having masterminded a series of acquisitions and mergers that have reshaped the German real estate market. JP Morgan, which has forged a close relationship with Adler in recent years, has decided to continue to back the company. The FT (£)