Economics
Viceroy Research Is a ‘Hit Squad,’ South Africa's Kganyago Says
- Firm’s positions allow it profit from ‘educational’ reports
- Capitec Bank, NEPI Rockastle lastest South African targets
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Viceroy Research, a short-seller that has targeted two South African companies this year, is profiting unethically from its reports and has escaped sanctions from local regulators because it is domiciled elsewhere, the nation’s central bank governor said.
Viceroy rose to prominence just over a year ago when it published research on Steinhoff International Holdings NV soon after the global retailer reported accounting irregularities that triggered a share-price collapse. That report detailed a number of third-party transactions that were used to inflate asset values -- deals that are under investigation by auditors at PwC.