• Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

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Banks to probe auction scheme

Feb 27 2012 08:38
Sapa

Company Data

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 153
Change 2
% Change 1
Cumulative volume 814566
Market cap 0

Last Updated: 25-07-2016 at 01:24. Prices are delayed by 15 minutes. Source: McGregor BFA

INVESTEC LIMITED [JSE:INL]

Last traded 88
Change 1
% Change 1
Cumulative volume 293168
Market cap 0

Last Updated: 25-07-2016 at 01:24. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - Three banks will investigate claims that some of their staff colluded with Auction Alliance, liquidators and attorneys in a money-making racket, according to a report on Monday.

The Cape Times reported that Absa Group [JSE:ASA] and Investec [JSE:INL] had launched internal investigations into claims that their staff pushed business the way of Auction Alliance.

A third bank, which asked not to be named, said it had begun an internal audit into all auctions as a "pre-emptive move".

Auction Alliance CEO and founder Rael Levitt allegedly said in emails that the kickbacks would be paid in cash.

It is alleged that staff at various banks were paid large sums of money to ensure the company received preferential treatment. Kickbacks typically comprised half the company's earned commission.

Levitt has denied all allegations, calling them defamatory.

 
investec  |  absa group  |  auction alliance  |  auctions

 
 
 

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