ROB ROSE: Lots at stake at Resilient
There are two investigations into claims of shady goings-on at Resilient. Whether they reach the same conclusion will be intriguing
This week, SA’s former auditor-general Shauket Fakie is finalising his report on whether property group Resilient broke the rules, as its mounting body of critics claim. His findings will be a big deal, with deep implications for how SA’s property investment market is being run. Not only did the four Resilient companies — Resilient, Fortress, Greenbay and Nepi Rockcastle — make up 40% of the JSE’s entire property index until recently, but the claims that their top brass orchestrated a sophisticated effort to manipulate the stock market cuts to the heart of SA’s corporate governance. Already a number of research houses, including 36One Asset Management, Arqaam Capital, Navigare Securities and Mergence Investment Management, have suggested the share prices of the Resilient Group had been kept artificially high due to a series of secretive trades by people closely related to management. If that’s true, the implication is that the value of a huge chunk of the JSE has been manipulated fo...
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