CAPE TOWN – JSE-listed NEPI Rockcastle, one of the largest real-estate investment portfolios in Eastern Europe, took a knock on Wednesday when its share price declined more than 9 percent in mid-morning trade after a report by Viceroy Research.
Viceroy Research, known for releasing damaging reports involving South African companies such as Steinhoff and Capitec, cited “irreconcilable international earnings, enriching management through mergers and acquisitions, hoodwinking investors through misleading analysis via rejection of independent investigation” in its report.
Capitec, however, stood its ground stating that the Viceroy Report was filled with factual inaccuracies, misleading half-truths and sensationalist statements after being accused of using “curing” methods to hide the disastrous underlying performance of its loan book.
When reached for comment, a NEPI Rockcastle spokesperson said the company was aware of the report and the company would be preparing a statement.
READ THE FULL VICEROY REPORT: