JOHANNESBURG - JSE-listed real estate investment firm NEPI Rockcastle on Tuesday celebrated its clearing by the Financial Services Conduct Authority (FSCA) of possible false and misleading reporting.
The FSCA said on Monday it had closed an investigation into a potential breach of the Financial Markets Act.
Last year, NEPI Rockcastle and other real estate firms lost billions of rand after the release of numerous reports by hedge fund and asset managers alleging that the companies' directors had used interrelated party deals and share price manipulation to enhance profits.
American short-seller Viceroy Research said it had uncovered numerous inconsistencies within NEPI Rockcastle's financial reporting and major links to an established financial fraud and called on the FSCA to conduct an investigation.
But the FSCA said it found "no substance in the allegations that NEPI Rockcastle intentionally and negligently made/published false statements in respect of the past or future performance, being the 31 December 2017 financial statements".