Varadia SE Calls for Special Audit at Advanced Blockchain AG

Varadia SE plans to propose a special audit at Advanced Blockchain AG's upcoming Annual General Meeting. This follows an adjourned October meeting where no resolutions were passed. The audit, detailed under Section 142 (1) of the German Stock Corporation Act, seeks to uncover potential irregularities in the financial management for the year ending December 31, 2024.

Concerns stem from a qualified audit opinion issued regarding ABAG’s financial statements. The audit notably omitted an opinion on EUR 10 million in receivables from affiliated companies, a key financial component. Varadia SE believes these circumstances warrant scrutiny to uphold transparency and shareholder trust in ABAG's governance.

The previous audit request and counterproposals are accessible on Varadia’s website.