Germany's Securities Regulator - BaFin - Sees indication Mutares Violated Accounting Standards. We warned September of last year that we see accounting irregularities, particularly regarding MUX balance sheet's reported cash position and receivables. It seems BaFin also has

In our MUX report that we published last September, we expressed concerns about MUX's accounting and also expressed our opinion that Mutares SE & Co. KGaA profits are driven by a circular funding scheme. $LB reminds us of MUX. We believe MUX used related/affiliated parties to