Resilient investors remain in limbo
The market waits with bated breath for the Financial Sector Conduct Authority’s findings on the Resilient group
Who is ultimately to blame for the colossal destruction of shareholder value in the Resilient group of property companies since January 10? That’s the R110bn question that investors hope the Financial Services Board (FSB), now called the Financial Sector Conduct Authority (FSCA), will soon provide conclusive answers to. The FSCA’s probe is twofold: allegations of insider trading in the Resilient group are under scrutiny, but so are the analysts who have made damning allegations against Resilient — including the short sellers who have presumably profited handsomely from the share price crash of Resilient Reit, Fortress Reit, Nepi Rockcastle and Greenbay Properties. Year-to-date, around R110bn has been wiped off the collective market cap of the four listed entities. Solly Keetse, head of the FSCA's market abuse department, confirms it is investigating possible insider trading and price manipulation in the Resilient group companies’ shares; and false and misleading reporting regarding ...
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