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Delta confirms R1.8bn portfolio devaluation in restated 2020 results

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Delta Property Fund s shares remain suspended on the JSE. Image: Supplied
Delta Property Fund published its restated set of financial results for the year ended February 29, 2020, after the market closed on the JSE on Thursday, confirming the devaluation of its portfolio by R1.8 billion in the wake of an accounting scandal implicating former executives.
The re-issue of its last full-year results follows the withdrawal of its financial statements in December, after two independent forensic reports revealed governance failings and wrongdoing regarding commission payments amounting to R42.8 million (for the 2018, 2019 and 2020 financial years), and fraudulent payments of R2.1 million. ....

Otis Tshabalala , Sandile Nomvete , Bongi Masinga , Shaneel Maharaj , Delta Property Fund , டெல்டா ப்ராபர்டீ நிதி ,

Two biggest black-run property firms might head for the...

Daily Maverick 168 weekly newspaper.
It has been a horrific turn of events for Delta Property Fund and Rebosis Property Fund, two of the biggest black-run companies on the JSE’s real estate sector, which is worth more than R200-billion.
Shareholders have watched the value of their Delta and Rebosis investments implode recently as both companies lurch from one extreme crisis to another – ranging from shocking governance problems to overall bad management decisions.
Delta shares, the trading of which has been suspended by the JSE (more on this later), tumbled by 51% in 2020, wiping R257-million off from its market value. Rebosis has also felt the sting of unforgiving shareholders as its B shares fell by 31%, shaving R69.9-million off its market value. Unfortunately, the value destruction for shareholders hasn’t ended there but has continued into the early days of 2021. ....

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JSE suspends Delta Property Fund's listing

Wednesday 16 December 2020 - 7:15am
File: The Delta board said it backs the move by the JSE to suspend the listing.
eNCA
JOHANNESBURG - The Johannesburg Stock Exchange has suspended Delta Property Fund s listing with immediate effect.
This follows revelations of an accounting scandal which led to the property group withdrawing its latest financial
The Delta board said it backs the move by the JSE to suspend the listing.
It says this is a temporary measure to protect investors and enable accurate price information.
A forensic report by accounting firm Mazars uncovered a R40-million fraud.
It took place while former CEO Sandile Nomvete, former CFO Shaneel Maharaj and former COO Otis Tshabalala were at the helm of the company. ....

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Ex-Delta execs deny wrongdoing

Suren Naidoo
Former Delta Property Fund CEO Sandile Nomvete - Image: @PropertyWheel
Delta Property Fund’s former CEO Sandile Nomvete, together with former CFO Shaneel Maharaj and COO Otis Tshabalala, have flatly refuted allegations of fraud or procurement irregularities during their tenure at the JSE-listed group. The trio, who left the group in August, issued a joint statement on Friday following Delta’s new board revealing in a further JSE Sens cautionary announcement earlier in the week the high-level findings of a forensic report that implicates senior executives. Instances of unsubstantiated payments, procurement irregularities and other unethical business dealings totalling some R46 million were highlighted. The board, chaired by Phumzile Langeni, first alerted the market about. ....

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JSE suspends Delta shares 'in the interest of shareho...

Trading in Delta Property Fund shares was suspended by the JSE on Tuesday, 15 December, adding more woes for a real estate company that has been hit by a multimillion-rand fraud and accounting scandal implicating former company executives.
In a Stock Exchange News Service (SENS) statement, the JSE told Delta shareholders that the company’s shares have been suspended with immediate effect, a decision the bourse has taken “in the interest of shareholders”.
Delta owns a range of office properties that are leased to government departments and entities. Delta listed on the JSE in 2012 with a share price of R9.60 but its shares are now a penny stock, dropping to 35 cents. ....

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