OLD MUTUAL INVESTMENT GROUP
Play open cards with us, investors tell Resilient
Resilient’s efforts to address the issue had so far left investors "frustrated"
Old Mutual Investment Group (Omigsa), one of the asset managers demanding a forensic investigation into the Resilient group of companies, says share price manipulation allegations that have cost investors almost R130bn in 2018 are indicative of a broader malaise in ethical leadership in corporate SA. Resilient’s efforts to address the issue had so far left investors "frustrated", Omigsa said. In an unprecedented move, some of the country’s largest investors last week wrote to the boards of the four companies, saying previous attempts at addressing the allegations lacked independence and had "insufficient scope".
The collapse started in February after 36One Asset Management published a report alleging the companies’ share price had been manipulated. "From our point of view, we are looking for more transparency and disclosure. The current situation has led to more uncertainty and there is a degree of frustration on behalf of investors of simply not knowing," said Rob Lewenson, h...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.