MARKET UNCERTAINTY
Authorities dragging their feet on Resilient, says fund manager
Property fund manager Catalyst has attacked SA regulators for not moving fast enough to resolve questions about what led to a sell-off in the Resilient group of companies that cost investors about R120bn and cast a shadow over the whole sector. In the company’s November report, CEO Michael Arbuthnot said the authorities had not done enough, nor been vocal enough, on the scandal, which was sparked by accusations of insider trading in the company’s shares and the potential release of misleading information. "It is nearly a year now that investors have suffered at the hands of rumours and speculation around the Resilient group of companies," he said in the report. "One must ask where are the authorities that are tasked with bringing stability." Catalyst has invested in real estate companies since 2001 and runs two global funds worth about R17.5bn together, two SA funds with R1.82bn as well as a R206m hedge fund. The decline in the shares of the four companies — Resilient, Fortress, Nep...
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