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Delta Property Fund’s listing on the JSE has been suspended with immediate effect, the JSE announced in a Sens statement on Tuesday.
The move comes on the heels of Delta becoming the latest JSE-listed company to be rocked by an accounting scandal, which has seen the property counter withdraw its annual financial statements (AFS) for its 2020 financial year through the end of February.
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Delta’s withdrawal from its 2020 financial results follows a forensic investigation implicating former senior executives in “unsubstantiated payments, procurement irregularities and other unethical business dealings” totaling about R46 million.
In a general statement from Sens titled ‘Delta Property Fund Limited – Suspension of listing’, the exchange noted that “the JSE has made the announcement in the interest of shareholders.”
Delta itself has yet to comment or issue a statement from Sens on the suspension.
“The company [Delta] has withdrawn its AFS for the period ended February 29, 2020, as announced on December 9, 2020. Since the issuer has withdrawn its AFS, the agency can no longer be deposited in the published AFS, ”said the JSE in their statement Tuesday.
“The JSE, in accordance with the provisions of paragraph 1.6 and 1.7 of the JSE Listing Requirements and Section 12 (2) of the Financial Markets Law No. 19 of 2012, has therefore suspended the listing of the values of this company with immediate effect ”.
After Delta’s new management revealed the highlights of a forensic report last week, former executives of the group, including founding CEO Sandile Nomvete, former CFO Shaneel Maharaj and former COO Otis Tshabalala, issued a statement on last Friday “categorically denying” the accusations of fraud or irregularities in the acquisitions during his tenure in the group.
