Resilient review a whitewash, say critics
Some say scope of Fakie’s probe was too narrow and timeframe too tight
There was a mixed response on Wednesday to an independent review that exonerated Resilient of any wrongdoing, with concern raised about the scope and depth of the investigation. Some of its critics said the review, led by former auditor-general Shauket Fakie, was too limited in scope. Critics said the review’s findings lacked detail as to how Resilient had passed numerous governance tests. The property company’s share price plunged more than 50% earlier in 2018 after some highly critical reports about it were released. Resilient’s directors, including CEO Des de Beer and financial director Nick Hanekom, have been accused of share price manipulation to grow the real-estate investment trust’s market capitalisation and of contravening governance. The reports also suggested insider trading had taken place at Resilient. 36One Asset Management CEO Cy Jacobs said Fakie did not investigate transactions by parties linked to Resilient and its associates Fortress, Nepi Rockcastle and Greenbay ...