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Banks to probe auction scheme

Feb 27 2012 08:38

Company Data


Last traded 166
Change -4
% Change -2
Cumulative volume 965381
Market cap 0

Last Updated: 24-11-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 117
Change 0
% Change 0
Cumulative volume 672297
Market cap 0

Last Updated: 24-11-2015 at 05:00. 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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