ROB ROSE: Pembury gets a caning
Amid serious questions around its ethics, schools and retirement village company, Pembury gets an ‘F’ for governance and transparency
It’s one thing to rip off high-end investors who happened to buy shares in a furniture retailer like Steinhoff, or a sugar company like Tongaat Hulett; quite another where the people getting the short end of the stick are schoolchildren and pensioners. Yet this is what the Pembury Lifestyle Group now stands accused of doing. "Where is the JSE on this?" asks the son of one retirement village resident. "It’s a listed company, but does the JSE just not feel any duty to step in?"
The company, run by University of Free State construction graduate Andrew McLachlan, listed on the JSE in March 2017, raising R140m with the aim of providing "affordable quality education" and "setting the standard when it comes to retirement living".