Resilient investors’ long wait not over
The allegations being probed include that the group of companies inflated profits and their share prices through market manipulation
The regulator’s probe into allegations of share price manipulation and insider trading at the Resilient group of companies is set to continue for at least another six months, extending investor uncertainty about the true financial position of the companies in the group. News of the investigation resulted in a huge sell-off of shares in Resilient and its related companies in 2018 and also weighed on the rest of the listed property sector, resulting in a loss of more than R120bn for investors. On Friday, the Financial Sector Conduct Authority (FSCA) said it would need at least another six months to finalise the investigation. The allegations being probed include that the group of companies inflated profits through interrelated party deals and inflated their share prices through market manipulation. Two members of the group — shopping centre owner Resilient and logistics-focused property firm Fortress — have been under investigation by the FSCA since March 2018. Eastern European shoppi...
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