NEPI Rockcastle had another R9 billion wiped off its value on Wednesday after short-sellers Viceroy Research accused it of overstating its profit.
Viceroy says NEPI’s Romanian subsidiaries made a loss of €41 million in 2017.
NEPI reported a €284.8 million profit.
On Wednesday, The Money Show’s Bruce Whitfield interviewed Gabriel Bernarde of Viceroy Research.
Click or tap here for that interview.
On Thursday, Whitfield again interviewed Bernarde and also got Alex Morar, CEO at NEPI Rockcastle, to weigh in.
Listen to the interviews in the audio below (and/or scroll down for quotes from it).
NEPI Rockcastle is over 11 years old. We’ve complied with the rules of a number of regulated stock exchanges… This entity called ‘Viceroy’… they provide a Gmail account!— Alex Morar, NEPI Rockcastle
A mix of fact and fiction… unfortunately in our world perception is key…— Alex Morar, NEPI Rockcastle
Our operation isn’t in any way vulnerable to the likes of Viceroy.— Alex Morar, NEPI Rockcastle
They [Viceroy Research] are not regulated by anybody… We don’t even know who Viceroy is… We don’t have anybody to point a finger to or challenge in any way…— Alex Morar, NEPI Rockcastle
A number of things don’t stack up… We’ll answer their rebuttal in due course…— Gabriel Bernarde, Viceroy Research
Why such an amazingly low tax rate?— Gabriel Bernarde, Viceroy Research
We haven’t taken any profit. We are convinced there is something materially wrong… Surely you want clarity?— Gabriel Bernarde, Viceroy Research
You can go through our reports. We published all our data.— Gabriel Bernarde, Viceroy Research
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