CAPE TOWN - THE FINANCIAL Sector Conduct Authority (FSCA) has closed its long-standing investigation into Resilient Reit (real estate investment trust) and has found no evidence of market abuse by the parties concerned, a statement said on Friday.
The FSCA said that, based on the available evidence, there was no substance to the allegations that directors, related parties and other parties believed to be related to Resilient Reit, Fortress Reit, Lighthouse Capital and NEPI Rockcastle had supported Resilient Reit’s share price from October 1, 2017 to February 28, 2018.
The FSCA said it had found no evidence that the share trades completed on Resilient Reit by the alleged related parties’ accounts contravened section 80 of the Financial Markets Act, relating to prohibited trading practices (price manipulation).
BUSINESS REPORT