PwC’s long-awaited probe into allegations of insider trading and market manipulation at Fortress, which was part of the Resilient property stable that lost more than R100bn of its value in 2018, has raised as many questions as it has answered. The advisory firm’s report said that while the logistics and commuter-retail focused property group had practised sound governance over the past few years, some irregularities had occurred a decade and more ago. This report followed an independent investigation that began at the end of November 2018, following a more than R100bn sell-off in the shares of Fortress, Resilient, Greenbay (now called Lighthouse Capital) and Nepi Rockcastle. Fortress created a subcommittee to assist the investigation and was the only company of the four in the Resilient group to agree to an independent investigation after 10 of the largest pension managers in SA wrote a letter to the companies’ boards calling for a probe by a "top-four auditing firm". Fortress’s boa...

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