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...

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