Delta Property Fund releases restated financials for year to end-February 2020
The company had found alleged fraud by management which it reported in December 2020
Delta Property Fund, which earns about 80% of its revenue from government tenants, said on Thursday the value of its portfolio fell 10% in the year to end-February 2020 after the listed real estate investment trust (Reit) restated its financial results.
The company, founded by former CEO Sandile Nomvete, withdrew its full-year to February 2020 financial results in December after it announced the outcome of the forensic investigation into its finances, which uncovered irregular payments and procurement by the previous management. It was later suspended by the JSE...