• You can’t eat dust

    We should insist on products that save our soil and ensure food security, says Mandi Smallhorne.

  • Terry Bell's Inside Labour

    Calling zama-zamas illegal is a case of criminalising an act of entrepreneurship.

  • 'Disappearing' data

    Faster networks and consumer habits have led to perceptions of vanishing data, says Vodacom.

All data is delayed
Loading...
See More

Banks to probe auction scheme

Feb 27 2012 08:38
Sapa

Company Data

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 153
Change 1
% Change 1
Cumulative volume 146897
Market cap 0

Last Updated: 27-09-2016 at 10:15. Prices are delayed by 15 minutes. Source: McGregor BFA

INVESTEC LIMITED [JSE:INL]

Last traded 83
Change -1
% Change -2
Cumulative volume 122184
Market cap 0

Last Updated: 27-09-2016 at 10:15. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Auction house sells buildings for R67.6m

Property development under pressure

Auction Alliance boss in kickbacks probe

Auction of malls cancelled

 

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

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Applying for a loan via social media is:

Previous results · Suggest a vote

Loading...