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SA Corporate Real Estate says probe found no evidence of wrongdoing

Jul 18 2019 15:54

JSE-listed property group SA Corporate Real Estate [JSE:SAC] says an independent report into allegations of corruption by management has found no evidence of wrongdoing.

The real estate trust, which has a market cap of R8.6bn, has not made the report public. 

On Thursday, in a note to clients, the group said the report by Advocate J.J. Reyneke had "concluded that there was no evidence of fraud or corrupt conduct by members of Management".

"The Board is giving due consideration to the conclusions and recommendations to improve governance and processes where appropriate."

Allegations of wrongdoing by a whistle-blower at the real estate group first surfaced in early February 2018.

The real estate group appointed Reyneke in March 2018 to investigate the claims.

On Monday the group appointed Arthur Moloto, its former lead independent director, as chairperson with immediate effect. On Wednesday, meanwhile, four new members were added to the board.

sa corporate real estate


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