Fortress committee cans forensic probe into the group
A specially appointed committee to look at possible insider trading within the Resilient group is called neither practical nor feasible
After weeks of waiting, the special ad hoc committee created in September to respond to calls for a full forensic investigation into industrial and retail fund Fortress, has spoken. The committee said such an investigation was neither practical nor feasible. Ten of SA’s largest investment managers sent a letter to the boards of the Resilient group of companies, including Fortress’s board in August. They want an independent investigation led by one of the big four accounting firms to probe numerous allegations around the Resilient group, which includes Resilient, Fortress, Nepi Rockcastle and Greenbay. These include suggestions that there has been insider trading within its companies and that their stock may have been manipulated. The Financial Sector Conduct Authority (FSCA) has been investigating allegations against the four companies since March, studying trades around the shares and reporting about the companies. It has given no indication of when it will release its results. “Sh...
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