(Southern Africa) (3 Minutes Read)
The JSE suspended R5 million of the fine on Delta Property Fund, upon certain conditions being met. Earlier, Delta Property Fund was fined R7.5 million and censured by the JSE for misstating its financials between 2018 and 2020
The JSE suspended R5 million of the fine on Delta Property Fund, upon certain conditions being met. Earlier, Delta Property Fund was fined R7.5 million and censured by the JSE for misstating its financials between 2018 and 2020.
Delta previously published financial information for the 2018 to 2020 financial periods, which did not comply with IFRS [International Financial Reporting Standards] and were incorrect, false, and misleading in material aspects, the Johannesburg Stock Exchange (JSE) said in a statement. This incorrect information was disseminated to shareholders, the JSE and the investing public. In these circumstances, the JSE found that Delta failed to comply with the provisions of the JSE’s Listings Requirements, JSE said.
The JSE suspended Delta’s listing back in December 2020, effectively halting trade in its shares. However, the suspension was lifted in July 2021 after the group’s new management restated Reit’s results and gave an update on forensic investigations into former executives.
The December 2020 listing suspension came in the wake of the group being rocked by an accounting scandal implicating former executives, which saw the Reit withdrawing its financial statements for its 2020 financial year.
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Delta’s withdrawal of its 2020 financials followed an independent forensic investigation by Mazars implicating senior former executives in unsubstantiated payments, procurement irregularities, and other unethical business dealings” aggregating some R46 million.
