Des de Beer, architect of the Resilient property empire that spans 40% of the JSE’s property index, says he’s "almost relieved" to finally have his enemies out in the open. In the past few days, three reports have emerged implying that De Beer’s jenga tower of four JSE-listed companies — Resilient, Fortress, Nepi Rockcastle and Greenbay — is an overvalued house of cards. On Friday, a report by Dubai-based brokerage Arqaam Capital was the latest, concluding that the "net asset value is significantly inflated". It came on the heels of a scathing draft report from investment company 360ne that concluded: "The premium valuation of the {Resilient} companies did not arise from normal market activities, but from deliberate and frequently concealed actions by some of the influential owners and key management." The implication: investors, including the thousands of SA pension funds that own the companies, have been misled about the value they’re paying for, in part through nefarious backroom...

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