German sponsor Grenke under fire

On the eve of the German Team Championship, its sponsor Grenke has come under fire from Fraser Perring, an English investor that specializes in investigating financial companies and shortselling their stocks. The leasing company that sponsors world class tournaments, the world’s biggest open and the German team champion OSG Baden-Baden, lost more than 20% of its market value, after Perring’s company Viceroy Research published a report with damaging accusations that were quickly picked up by news media. Grenke rejects the accusations, and Germany’s supervisory authority Bafin is investigating not only Grenke but also the shortsellers.