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Delta Property Fund founding CEO Sandile Nomvete and other key executives resigned with immediate effect. Photo by Gallo Images / Financial Mail / Robert Tshabalala
Delta Property Fund’s share price has plunged more than 30% in Thursday morning trading after the group announced it had withdrawn its financial statements for the year ending February 2020.
This comes after evidence of corporate governance failures at the company caused by its former executives, Delta said in a note Wednesday.
The owned company said a forensic investigation found evidence of past practices involving government failures and crime at the company.
While Delta said in that note that it had reported such irregularities to police and other relevant authorities for further investigation, it declined to say Thursday whether this meant it had filed criminal charges against the former executives in question.
Delta is one of only two black-owned owned funds on the JSE. In August, it was rocked by the immediate resignations of its founding CEO, Sandile Nomvete, as well as the chief financial officer and chief operating officer without serving their notice period.
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