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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 162.51
Change 0.01
% Change 0.00
Cumulative volume 2073838
Market cap 137.77bn

Last Updated: 18/09/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

INVESTEC LIMITED [JSE:INL]

Last traded 102.00
Change 2.2
% Change 0.02
Cumulative volume 1509133
Market cap 29.15bn

Last Updated: 18/09/2014 at 04:28. 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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