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...

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