FANews
FANews
RELATED CATEGORIES

FSCA closes Resilient REIT Limited investigation

09 November 2020 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) has closed its investigation into Resilient REIT Limited and has found no evidence of market abuse by the parties concerned.

The Authority is satisfied that based on evidence currently available, there is no substance to the allegations that directors, related parties and other parties believed to be related to either Resilient REIT Limited, Fortress REIT Limited, Lighthouse Capital and NEPI Rockcastle plc, were supporting the Resilient REIT Limited share price during the period 1 October 2017 to 28 February 2018 (investigation period).

The FSCA has found no evidence that the share trades completed on Resilient REIT Limited by the alleged related parties’ accounts contravened section 80 of the Financial Markets Act 19 of 2012 relating to prohibited trading practices (price manipulation). The investigation into this matter has now been closed but will be re-opened if further evidence arises.

The FSCA is mandated to investigate, and in appropriate instances, take enforcement action in cases of market abuse on the financial markets. Three kinds of market abuse are prohibited in South Africa, namely insider trading, market manipulation (prohibited trading practices) and false reporting relating to the affairs of a public company. Our investigation procedures include interviews under oath, acquiring documentary evidence and obtaining
assistance from foreign Regulators.

Quick Polls

QUESTION

The shocking crime and motor vehicle accident statistics shared during a recent SHA presentation suggests that group personal accident and personal accident cover are a no-brainer. Do you agree?

ANSWER

Yes
No
Not sure
fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now