CAPE TOWN - The Fortress real estate investment trust (Reit) sub-committee tasked to investigate allegations made by some institutional shareholders, of insider trading and price manipulation, has given PricewaterhouseCoopers (PwC) more time to conclude a review into the matter, after a March 31 deadline was missed. Fortress Reit owns a more than R30billion logistics, office, industrial and retail property portfolio in South Africa.
On September 6, 2018, the group said it would investigate the allegations against the company and a sub-committee was formed.
They tasked PwC to probe the share trading activities of the group and certain property transactions. The group indicated that PwC would likely complete its review by March 31, 2019.
However, it said yesterday that the time line for the completion of the review was extended to the end of April 2019, so that various parties could be given an opportunity to comment on the report, before it is finalised. Meanwhile, the Financial Sector Conduct Authority is still investigating market manipulation allegations at Fortress Income Fund.