CAPE TOWN - THE JSE yesterday publicly censured Rebosis Property Fund yesterday, because its preliminary results for the year to August 31, 2019, were not reviewed due to differences with its auditors about property valuations.
In terms of listing requirements annual financial information published by an issuer in advance of being required to do so must, at a minimum, be reviewed by the issuer’s auditor, the JSE said in a statement.
Rebosis’ board said in turn that they strongly disagreed with the censure. According to the JSE, Rebosis did eventually publish reviewed results on December 13, 2019.
Rebosis’s board said in response to the JSE’s public censure that the 2019 financial results were clearly titled “unaudited”. The board said Rebosis “strongly disagrees” with the JSE’s conclusion that the group made a conscious decision to publish unreviewed results due to differences between the company and its auditors in the determination of Rebosis’s investment property valuation.
“On becoming aware of the lapse … the sponsor … proactively informed the JSE of the matter and the company launched its own investigation into the causes of the oversight,” the board said yesterday.
The probe resulted in the replacement of its audit and risk committee chairperson, chief financial officer and audit partner.
BUSINESS REPORT