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Real Estate

Rural Funds Group (RFF AU)

Year: 2019

Australian real estate investment trust (REIT) Rural Funds Group (RFF) began trading on the Australian Stock Exchange in early 2014. In August 2019, it was attacked by short-seller Bonitas Research alleged that RFF had inflated profit through the inclusion of fabricated rental income, had overstated net assets and that fake profits were hidden by dubious fair value changes to biological and property assets. It was then attacked by short-seller Bucephalus Research in September 2019 which alleged that RFF was losing money at farming, was highly levered and breached its debt covenants several times in 2019. The reports failed to prompt any director or auditor resignations and, as such, the fraud allegations remain unproven.

Last updated June 2022.

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.

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