Fortress, one of the former members of the Resilient stable of property companies, says the Financial Sector Conduct Authority must now ascertain how short sellers and asset managers deliberately weakened its share price in 2018, costing investors more than R100bn.
The report followed an independent investigation led by PwC that began at the end of November 2018, following a sell-off of more than R100bn in shares of Fortress, Resilient, Nepi Rockcastle and Greenbay . Stevens, who, last December said he would depart as CEO within the next 12 months, said he was pleased with the report.
This prompted the FSCA to investigate the four companies and the trading of their shares to find out if insider trading or market manipulation or false reporting had occurred.
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Fortress wants FSCA to probe asset managers who made allegations against groupProperty company says the Financial Sector Conduct Authority must probe hedge funds and asset managers which 'attacked its shares'
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