EDITORIAL: Independent probe at Fortress is welcome
Business Day reported months ago that some of SA’s largest institutional investors had written a letter demanding a forensic probe into the Resilient group of property companies
It took a while, but real estate investment trust Fortress’s decision to subject itself to an independent investigation should be welcomed as a small victory in the quest for more transparency. To recap, it has been about three months since Business Day reported that some of SA’s largest institutional investors, in a fairly unprecedented move, had written a letter demanding a forensic probe into the Resilient group of property companies. Before we heap too much on Fortress, we must note that the initial reaction was no different to the others in the stable, choosing to appoint its own committee, which found that a full forensic investigation is not feasible. Nevertheless, Robin Lockhart-Ross, the nonexecutive director who came on to the scene only shortly before the institutions issued their directive, is to be commended for injecting leadership and urgency on the issue. Importantly, he seems to have taken on board investors’ concerns, saying the scope of the PwC investigation had r...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.