Disgruntled investors circle Safari and install fresh blood
Co-founder Kiki Pashiou lost his non-executive board seat amid unhappiness over related-party deals
Bad corporate governance is finally catching up with rural and semi-urban retail centre owner Safari Investments.
Safari, which was incorporated in 2000, listed on the JSE in 2014 as a real estate investment trust (Reit). Reit dispensation was new in SA and Safari’s directors and management at the time understood that by becoming a Reit, the company would get access to lots of cash for developments. There was a Reit listings boom, with investors throwing hundreds of millions about.