Suren Naidoo
3 minute read
11 Dec 2020
8:46 am

Delta probe reveals R46m fraud

Suren Naidoo

Resignation of top three executives leads to investigation.

Former Delta Property Fund CEO Sandile Nomvete - Image: @PropertyWheel

Another accounting scandal involving a JSE-listed firm is coming to light with Delta Property Fund’s new management revealing that a forensic investigation into former senior executives has found instances of unsubstantiated payments, procurement irregularities and other unethical business dealings totalling R46 million. The group put out a JSE Sens updated cautionary on the matter after the market closed on Wednesday, which also noted that the probe and subsequent forensic report has resulted in the withdrawal of its 2020 annual financial statements (to the end February). Delta has also further delayed the release of its interim results, ending 31 August, warning...