JOHANNESBURG – JSE-listed real estate investment firm, NEPI Rockcastle, continued on Thursday refuting allegations of hoodwinking investors made by American short-sellers, Viceroy Research, and called on the Financial Sector Conduct Authority to conduct an investigation into Viceroy.
NEPI Rockcastle's stock tumbled on Wednesday when Viceroy published a report alleging that an investigation int the affairs of one of the largest real-estate in eastern Europe has uncovered numerous inconsistencies within NEPI Rockcastle’s financial reporting and major links to an established financial fraud.
Viceroy is no stranger to controversy after claiming in February that Capitec Bank was a loan shark and that its loan book was understated.
In this instance, Viceroy alleged that NEPI Rockcastle had irreconcilable international earnings, had enriched management through mergers and acquisitions, and had hoodwinked investors through misleading analysis via rejection of independent investigation.
In response, NEPI Rockcastle said the Viceroy report contained material errors, was built on incorrect assumptions, made unsubstantiated claims, and was grossly misleading.