Nepi Rockcastle, one of the group of companies in the Resilient group, is defying calls by some of the country’s largest asset managers for an independent forensic investigation into the stable. The JSE-listed company, the largest owner of shopping centres in Central and Eastern Europe, said it has set up its own subcommittee to conduct a probe. This falls short of the demands set out by the asset managers, which collectively manage trillions of rand on behalf of millions of investors.

They include the Public Investment Corporation, which looks after R2-trillion on behalf of government workers, as well as household names such as Coronation, Allan Gray, Old Mutual, Stanlib and Prudential. They are calling for an independent probe into Resilient, Fortress, Green Bay and Nepi Rockcastle, conducted by one of the top four auditing firms to analyse the companies after the emergence of allegations that have left investors nursing billions of rand of losses from the collapse in the sh...

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