FSCA clears Resilient property stable of insider trading
FSCA probe into market manipulation and misleading reporting is ongoing
Resilient and its former associated companies, whose shares lost more than R100bn in 2018 in the biggest scandal to hit the listed property sector, have managed to overcome one hurdle with SA's top financial regulator clearing their directors of insider trading. But the Financial Sector Conduct Authority (FSCA) is still probing Resilient, Fortress, Nepi Rockcastle and Lighthouse Capital, for evidence of market manipulation and misleading reporting by and about them. At the beginning of 2018, the four companies suffered a sudden sell-off in their shares followed by the release of numerous reports by asset and hedge fund managers which made allegations against directors and management at the companies. The reports said related party deals may have been used enhance share prices dividend returns. Alex Pascoe, the leader of the directorate of the market abuse investigation team at the FSCA, said his team had finished the first part of its investigation, which was into the possible insid...
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