RESILIENT GROUP
Fortress first in Resilient group to agree to independent forensic probe
Fortress has become the first company in the Resilient group to buckle to demands for an independent forensic investigation to probe allegations of insider trading, market manipulation and false reporting. Independent nonexecutive director Robin Lockhart-Ross said on Tuesday the logistics and commuter-retail property-focused company acknowledged that auditing firm PwC was conducting the investigation, the scope of which had received support from many institutional investors. He said he was hopeful PwC would complete its investigation by the end of the first quarter of 2019 and that it would agree to make its findings public. Fortress and three other members of the Resilient stable of property companies, Resilient, Nepi Rockcastle and Greenbay Properties, have seen their shares tumble in 2018 after investors began selling their stock in January, destroying about R120bn worth of value. This has sent the SA listed property sector down about 25% in 2018 so far. Fortress has a dual share...
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