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.

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