Resilient’s share price fell as much 6% to R55.40 on Wednesday morning as the market reacted to a statement the real estate investment trust (Reit) issued at 5.45pm on Tuesday.

Resilient said it was restating its interim results for the six months to end-December released on January 26 to change the way it accounted for its empowerment trust Siyakha.

The restatement resulted in Resilient’s total liabilities increasing by R6.8bn as Siyakha’s debt was moved to its parent company’s books. This resulted in Resilient’s total liabilities increasing to R20bn from the previously reported R13bn.

The transfer of Siyakha to Resilient’s books saw its total assets growing to R59.8bn from R56bn.

The Siyakha trust has been at the centre of controversy with various fund managers accusing Resilient of loaning it money, which was used to inflate the share prices and trading volumes of Resilient, along with its associated Reits Fortress, Nepi Rockcastle and Greenbay.

Resilient was accused of doing this so as to artificially get its share included in the JSE’s top 40 index whose constituents are bought by numerous exchange-traded funds (ETFs) and other passive investment products.

Resilient said in Tuesday evening’s statement that legal and accounting experts it consulted said that under International Financial Reporting Standards (IFRS) rules, it controlled Siyakha.