Standard Life backs Minerva after calls to oust management

Standard Life Investments (SLI) has criticised billionaire South African investor Nathan Kirsch over his calls to oust the chairman and chief executive of London property developer Minerva, according to the Financial Times.

SLI, which holds 4.9% of Minerva, said KiFin, Kirsch's investment vehicle, was acting against investor interests.

'Standard Life Investments does not believe that KiFin's proposals are in our clients' best interests, nor do they represent an improvement in corporate governance,' SLI property investment director told the FT.

KiFin, which holds a 29.9% stake in Minerva, sent a letter to shareholders on Wednesday attacking the company's management.

It has also contacted Minerva's other institutional investors, which include Legal & General, JPMorgan and Aviva, according to the FT.