Under-fire property group Resilient has caved to market pressure, announcing an independent review of the group led by former auditor-general Shauket Fakie, on Friday. Resilient’s share price has plummeted 48% since the start of year on allegations that it has spent years manipulating its shares and those of its associate companies, Fortress, Greenbay and Nepi Rockcastle The company’s board said on Friday that the launch of the independent review was part of steps it was taking to tackle recent attacks on its reputation and credibility, Resilient said it noted the consistent feedback from its shareholders that the cross-shareholdings between Resilient and Fortress should be unwound and that there was a need for Resilient to reconsider its relationship with broad-based black economic empowerment (B-BBEE) partner, Siyakha Education Trust. Critics have said Resilient should consider merging with Fortress, of which it owns about 16%, and that it should consolidate Siyakha Trust into Res...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now