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Grenke says new business falls 24.6% in Q3

BERLIN, Oct 2 (Reuters) - German leasing business Grenke , facing allegations of fraud, said new business fell slightly less than expected in the third quarter to 517.6 million euros ($605.75 million).

The company, which helps small and medium-sized companies finance office communication equipment, said new business was 75.4% of the previous year’s quarter, slightly ahead of its forecast for around 70%.

Grenke last month said its founder Wolfgang Grenke would temporarily give up his seat on the supervisory board in the wake of a critical report by a short seller accusing the company of fraud. The company has said the allegations are unfounded.

$1 = 0.8545 euros Reporting by Caroline Copley; editing by Thomas Seythal