“Good news trav­els fast; bad news takes a more cir­cuitous route.”

The last au­dit­ed ac­counts of the Prae­to­ri­an Prop­er­ty Mu­tu­al Fund (PPMF) were as of Sep­tem­ber 30th, 2020. Al­so, the fund’s last prop­er­ty was sold in late 2024.

Con­se­quent­ly, the two ma­jor cur­rent ac­tiv­i­ties of the trustee (RBC Roy­al Bank Trust) are to work with the au­di­tor to fi­nalise the au­dit­ed ac­counts and, there­after, to pay out the resid­ual cap­i­tal dis­tri­b­u­tion to unithold­ers.

The fol­low­ing list shows the date of the of­fi­cial com­mu­ni­ca­tion from PPMF and the date they spec­i­fied that au­dit­ed ac­counts would be is­sued:

Un­for­tu­nate­ly, as of May 9, 2025, no fur­ther com­mu­ni­ca­tion has been is­sued by PPMF nor have any au­dit­ed ac­counts been post­ed on their web­page.

What do we make of a com­pa­ny that, on six con­sec­u­tive oc­ca­sions, has failed to live up to its writ­ten com­mit­ment to is­sue au­dit­ed ac­counts to its stake­hold­ers? Es­sen­tial­ly, why are the au­di­tors re­luc­tant to sign off on the ac­counts?

In sum­ma­ry, when will the trustee of PPMF bring the fund to full and com­plete clo­sure?

I close with Afra Ray­mond’s words: “Sun­light is the best dis­in­fec­tant.”