Nepi Rockcastle responds to call for a forensic probe
Ten of SA’s largest financial institutions want an independent probe over allegations of insider trading and unethical director conduct
Nepi Rockcastle, the JSE-listed Central and East European shopping centre owner has set up a sub-committee to respond to the call from 10 of SA’s largest financial institutions for a forensic probe into the group. The institutions’ asset managers, who collectively manage trillions of rand on behalf of millions of investors — including the Public Investment Corporation (PIC), which looks after R2-trillion on behalf of government workers — as well as Coronation, Allan Gray, Old Mutual, Stanlib, and Prudential have sent a letter to the boards of the Resilient group of companies.
They are calling for an independent probe into Resilient, Fortress, Green Bay and Nepi Rockcastle. They want one of the top four largest auditing firms to analyse the companies from numerous angles, considering the number of allegations made against them. These include suggestions that there has been insider trading at the companies and that directors have used unethical methods to enhance their share pri...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.