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FSCA closes Nepi Rockcastle investigation

FSCA says no substance was found in allegations of false statements regarding past or future performance.

The FSCA has closed its investigation into Nepi Rockcastle’s case, relating to possible false and misleading reporting. 

Nepi Rockcastle’s full statement, released on Tuesday morning, reads as follows: 

Stakeholders’ attention is drawn to the announcement issued on May 6 2019 by South Africa’s Financial Services Conduct Authority (‘FSCA’). This states that the investigation in relation to a potential breach of section 81 of the Financial Markets Act No. 19 of 2012 (the ‘FMA’), relating to possible false and misleading reporting, has been closed.

The FSCA found “no substance in the allegations that NEPI Rockcastle intentionally and negligently made/ published false statements in respect of the past or future performance, being the December 31 2017 financial statements”.

The company welcomes the conclusion of this investigation, which reconfirms its position and previous communications to the market.

On March 4 2019, the FSCA stated that it had closed its investigation in respect of possible insider trading related to the company (Section 78 of the FMA), with no issue raised against the company.

Following these announcements, the FSCA’s only pending investigation related to the company concerns possible prohibited trading practices. As stated by the FSCA, this investigation is not into the affairs of the Company, but into trading of its shares on the stock exchanges, by third parties.

NEPI Rockcastle reiterates that it follows strict corporate governance rules and that its board and management are comfortable with the integrity of its business practices. Alex Morar, CEO, said: “We welcome the conclusion of the FSCA’s investigation and note that no claims were made against the company, as the allegations raised by certain third parties were groundless. NEPI Rockcastle has demonstrated exceptional business performance and adheres to best practice in financial reporting and corporate governance. We will continue to focus on delivering strong results and generating long-term value for our stakeholders.”

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