FSCA closes Resilient REIT Limited
The Financial Sector Conduct Authority has closed its investigation into Resilient REIT Limited and has found no evidence of market abuse by the parties concerned.
The Authority is satisfied that based on evidence currently available, there is no substance to the allegations that directors, related parties and other parties believed to be related to either Resilient REIT Limited, Fortress REIT Limited, Lighthouse Capital and NEPI Rockcastle plc, were supporting the Resilient REIT Limited share price during the period 1 October 2017 to 28 February 2018 (investigation period).
The FSCA has found no evidence that the share trades completed on Resilient REIT Limited by the alleged related parties’ accounts contravened section 80 of the Financial Markets Act 19 of 2012 relating to prohibited trading practices (price manipulation).
The investigation into this matter has now been closed but will be re-opened if further evidence arises.
The FSCA is mandated to investigate, and in appropriate instances, take enforcement action in cases of market abuse on the financial markets. Three kinds of market abuse are prohibited in South Africa, namely insider trading, market manipulation (prohibited trading practices) and false reporting relating to the affairs of a public company.
Our investigation procedures include interviews under oath, acquiring documentary evidence and obtaining assistance from foreign Regulators.