Home REIT internal probe fails to reassure shareholders as board faces resignation calls

Board oversight concerns

Valeria Martinez
clock • 6 min read

Home REIT’s board of directors is facing further resignation calls after the results of an internal investigation into alleged wrongdoing by former investment adviser Alvarium failed to reassure shareholders.

Nearly two months after announcing it had received an initial draft of the findings, the board claimed yesterday (30 May) it had been kept in the dark about Alvarium's arrangements for the refurbishment of properties with developers or issues around overdue rent. The Home REIT board instructed forensic accountants Alvarez & Marsal in early January 2023 to conduct an investigation in relation to allegations of wrongdoing, including matters raised in Viceroy Research's short-seller report from November 2022. The findings show Alvarium had several methods to offset or clear outstanding r...

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