No fraud loss to fund

Posted On Tuesday, 19 April 2005 02:00 Published by eProp Commercial Property News
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Investec Property Group has acted quickly to nip in the bud a case of alleged fraud at Metboard Properties, a listed fund it manages.

Jeffrey WapnickInvestec Property Group has acted quickly to nip in the bud a case of alleged fraud at Metboard Properties, a listed fund it manages.

 Metboard joint fund manager Jeffrey Sher officially resigned at the end of March. But he confirmed to the FM that he had been arrested for theft.  He is reportedly out on bail of R25 000. 

Newly appointed Metboard executive director Estienne de Klerk says that though there is a possibility of fraud, the matter is sub justice. But he emphasises that Metboard shareholders will not be affected.

"All funds were refunded to Metboard before the financial year-end in March, and there is no monetary loss to shareholders" he says. 

The appointments of De Klerk, who was already joint fund manager of Metboard, and new property fund manager Tyrone Govender were made official at the end of March, the same day as Sher's resignation. De Klerk is confident that the fund will suffer no discontinuity in management.

Last modified on Saturday, 10 May 2014 09:13

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