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The board of Delta Property Fund has taken a page out of Steinhoff’s playbook in informing shareholders about a forensic investigation that points to accounting failures and fraud at the real estate company.
And the shady goings-on at Delta, which owns a range of office properties that are largely occupied by government departments and entities, possibly implicate former executives.
The group put out a JSE Sens updated cautionary on the matter after the market closed on Wednesday, December 9, which also noted that the probe and subsequent forensic report has resulted in the withdrawal of its 2020 annual financial statements.
Delta’s share price plunged more than 31% in morning trade on Thursday as the market digested the news.