Nepi Rockcastle cleared of false reporting by FSCA
European shopping centre giant did not engage in false financial reporting 2017
Nepi Rockcastle, the second largest listed property company on the JSE, has cleared another hurdle in its bid to put the Resilient group scandal behind it after SA's highest financial market regulator cleared it of false and misleading reporting. The owner of €5.9bn worth of shopping centres in nine east European countries said on Monday the Financial Sector Conduct Authority had found no evidence of false or misleading financial reporting by the group in 2017. Nepi Rockcastle was part of the Resilient group of companies along with Resilient, Fortress and Lighthouse Capital, which together lost more than R100bn last year in the biggest scandal to hit the listed property sector. At the beginning of 2018, the companies suffered a sudden sell-off in their shares followed by the release of numerous reports by hedge fund and asset managers which made allegations directors and management at the companies had used interrelated party deals and share price manipulation to enhance profi...
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