AltRe bays for Resilient blood
Asset manager says heads must roll for financial reporting flaws
An asset manager that exited its investments in the Resilient stable of companies earlier in 2018 after making losses has called for heads to roll. In its August newsletter, Alternative Real Estate Capital Management (AltRe) singled out Bryan Hopkins, who heads property company Resilient’s audit committee, and chair of related property group Fortress, Iraj Abedian, saying they should have noticed irregularities in the financial reporting from these companies. AltRe said these directors should resign, followed by other directors in the Resilient stable, including Greenbay and Nepi Rockcastle. Last week, a group of SA’s largest asset managers, who collectively manage trillions of rand, called for a thorough forensic investigation into the four companies. Only Fortress’s board has responded to the request, saying on the stock exchange news service that it received the letter. AltRe said Resilient and Fortress published retrospective changes to their numbers in their latest financial st...
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