BaFin reviews Jungheinrich accounts over Russia disposal

July 21 (Reuters) - German financial watchdog BaFin is reviewing Jungheinrich's financial statements as of June 2025 in relation to the timing of a planned disposal of its Russian business, the regulator and the company said on Tuesday.

BaFin said it had concrete evidence suggesting the forklift maker may have breached accounting regulations and had therefore initiated a review.

"The intention to sell may have resulted in a need for impairment, and without recognizing such impairment, trucks for short-term rental and inventories in particular may have been overstated," Jungheinrich said in a statement.

Shares in the company fell nearly 5% before recovering to trade down 0.1% at 1112 GMT.

The company said in March that the disposal of its Russian subsidiary, deconsolidated in February, was completed at around 20% of the asset value determined under Russian valuation rules and resulted in impairment losses of 109 million euros ($124 million).

"We see the financial implications as quite limited, with fines in this category typically de minimis specifically given the size of the group," analysts from brokerage Jefferies said in a note.

($1 = 0.8754 euros)

(Reporting by Danny Callaghan in Gdansk, editing by Matt Scuffham and Milla Nissi-Prussak)