Posted by Earlier this year, an investigative report alleged that LFDF had acquired assets at inflated prices through a network of related companies. Now, Debitum lender LFDF has recently published its audited financial report for 2025. On a positive note, the financial statement was more transparent than in the previous year. For the first time, a detailed inventory breakdown was published, showing that approximately EUR 22.8 million relates to logging rights and EUR 13.6 million to the value of the underlying real estate assets.
The problem: Within the scope of a financial statement, the auditor merely confirms the formal correctness of the accounting records and whether the balance sheet values have been properly derived from the supporting documentation. Whether the transactions themselves were carried out at fair market conditions is not something that is assessed or certified as part of such an audit.
As a result, the key question remains unanswered: Were the acquisition prices for the logging rights in line with market conditions, and would the EUR 36.4 million inventory value truly be realizable in an insolvency scenario? The reported 50% markup allegedly achieved by network-related companies on average per transaction, according to the original article, would imply that the realizable value of the inventory may structurally be below its book value.