Fund managers push for probe at Resilient
Demand follows claims of share-price manipulation that have cost investors more than R120bn
The country’s largest investment managers have written to the Resilient group, demanding an investigation into allegations of share-price manipulation, which cost investors more than R120bn. The asset management firms, which collectively manage trillions of rand on behalf of millions of investors, include the Public Investment Corporation (PIC), which looks after R2-trillion on behalf of government workers, as well as household names Allan Gray, Coronation, Old Mutual, Investec, Stanlib, Sanlam and Prudential. The PIC is the largest external shareholder across all four companies — Resilient, Fortress Income Fund, Nepi Rockcastle and Greenbay Properties — according to Bloomberg data. Shares in the largest company by market capitalisation, Nepi Rockcastle, were trading 1.8% lower at 1.45pm in Johannesburg on Monday, bringing year-to-date losses to 38%. Fortress chairman Iraj Abedian acknowledged receipt of the letter. Abedian has been vocal about the need for improved accountability ...
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