Prosecutors Search Properties Over BayWa Investigation

German prosecutors have searched properties related to an investigation into BayWa amid concerns over financial reporting. CEO Frank Hiller resigned as the company faces scrutiny for its debt-financed expansion that nearly led to bankruptcy. BayWa pledges full cooperation with authorities.

German prosecutors have intensified their investigation into BayWa, an agricultural supplies trader, by searching private properties, as reported by Sueddeutsche Zeitung. The searches are connected to alleged inaccuracies in BayWa's financial reporting.

Prosecutor Florian Lindemann confirmed the search of premises belonging to unnamed individuals, but details of the search remain confidential. BayWa assured continued collaboration with the authorities, choosing not to elaborate further.

This development follows BayWa's debt-driven global expansion that pushed it to the brink of bankruptcy. In light of these challenges, CEO Frank Hiller has stepped down immediately, leaving the company to navigate through financial scrutiny.

(With inputs from agencies.)