Nepi Rockcastle rejects call by 10 of SA’s largest financial institutions for probe
Nepi Rockcastle, part of the Resilient group of property companies at the centre of allegations of insider trading and share price manipulation, has rejected requests by 10 of SA’s largest financial institutions for a probe into the entire stable. CEO Alex Morar said no investigation could go ahead without a clear scope of what would be investigated. In addition to Resilient and Nepi Rockcastle, the group comprises Fortress and Greenbay Properties. The four companies, which had been outperforming on the JSE, suddenly came under sustained selling pressure in January 2018. Nepi Rockcastle’s share price is down nearly 40% since the start of the year. The 10 institutions wanted an independent investigation led by one of the big four accounting firms to probe numerous allegations around the Resilient group. These include suggestions that there has been insider trading in the shares of its companies and that their stock may have been manipulated.
Morar said Nepi Rockcastle had creat...
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