German Commodity Trader BayWa’s Accounts Were Flawed, Bafin Says

BayWa AG’s 2023 accounts were deficient, Germany’s financial watchdog Bafin said. The firm’s share price dropped.

As one example, the German commodities conglomerate failed to disclose in the financial report that it missed financial covenants relating to a €2 billion ($2.3 billion) syndicated loan, Bafin said in a statement on Thursday. The watchdog identified several other flaws in that year’s financial statement.

The firm’s shares fell as much as 5.8% on the news and were trading 0.9% lower at 1:34 a.m.

A spokesperson for BayWa had no immediate comment.

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