JSE fines govt landlord Delta Property millions over dodgy reports

The JSE has levied a R7.5 million fine and publicly censured Delta Property Fund over the publication of false and misleading information, though R5 million has been suspended for five years.

Delta, which has a mainly government tenant base, had withdrawn its 2020 results late that year, prompting a share price crash. Three former executives, including founding CEO Sandile Nomvete and its CFO and COO, also left the company, though they have previously denied accusations of wrongdoing.

In 2020, the company also instituted an independent forensic investigation by Mazars into alleged governance failings, uncovering, among other things, a lack of oversight mechanisms, fraud resulting from unethical dealings and non-disclosure of related-party transactions, the JSE said on Friday.