TAG Immobilien says external audit clears CEO

FRANKFURT Mon Feb 3, 2014 1:36am EST

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FRANKFURT Feb 3 (Reuters) - German real estate group TAG Immobilien AG said on Monday that an external audit showed that its chief executive not shown poor judgment in some of his business decisions, as had been alleged by a newspaper last year.

German weekly Welt am Sonntag had said in October there had been a possible conflict of interest in some of CEO Rolf Elgeti's property transactions and that the company had overpaid on other deals.

Auditing firm PricewaterhouseCoopers AG "has completely invalidated the allegations that a newspaper had raised against organs of TAG in early October 2013, regarding allegedly disadvantageous acquisitions and conflicts of interest between the CEO Mr Rolf Elgeti and TAG, and has completely refutes the negative assertions," TAG said in a statement. (Reporting by Maria Sheahan; Editing by John Stonestreet)

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