NO INDEPENDENT PROBE
Resilient board committee formed to tackle concerns
The Resilient stable has been at the centre of a major selloff in the listed real estate sector in 2018
Mall owner Resilient has resisted the call by some of SA’s largest institutional investors for an independent investigation into the company and its associates. Instead Resilient’s newly elected chair, Alan Olivier, said on Tuesday in a stock exchange news service announcement that a board committee had been formed and would respond to the investors’ request in time. It had also taken a number of steps to allay specific concerns investors had brought to its attention in 2018. In August, the Public Investment Corporation, Old Mutual and Coronation Fund Managers, among others, wrote a letter to the boards of the four companies within the Resilient stable — Resilient, Fortress, Nepi Rockcastle and Greenbay Properties — calling for a probe into allegations of share-price manipulation across the companies. The Resilient stable has been at the centre of a major selloff in the listed real estate sector in 2018, which has cost investors more than R120bn following allegations that directors ...