• 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

More banks drop Auction Alliance

Mar 01 2012 08:33
Sapa

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 221
Change -2
% Change -1
Cumulative volume 949697
Market cap 0

Last Updated: 26-09-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 152
Change -2
% Change -1
Cumulative volume 1006300
Market cap 0

Last Updated: 26-09-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

INVESTEC LIMITED [JSE:INL]

Last traded 84
Change 0
% Change 0
Cumulative volume 838225
Market cap 0

Last Updated: 26-09-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Top banks ditch Auction Alliance

Banks to probe auction scheme

Auction house sells buildings for R67.6m

Auction Alliance boss in kickbacks probe

Property development under pressure

Auction alliance CEO steps down

 

Johannesburg - Absa Group [JSE:ASA] and Nedbank Group [JSE:NED] have ceased trade with Auction Alliance pending the outcome of investigations into claims of staff receiving kickbacks for preferential treatment, according to a report on Thursday.

The Cape Times reported that Nedbank forensic investigators had interrogated a contracted employee on Wednesday after he was supposedly implicated in the receipt of payments from the auction house.

"During the course of the day, our interrogations have progressed to such a stage that we have informed Auction Alliance that we will not refer any new cases to them until we have concluded our investigation," Nedbank's head of risk Philip Wessels told the newspaper.

Absa was also probing staff in its recovery division, which sells off the bank's distressed assets, many of which end up on auction.

The bank's deputy group CEO Louis von Zeuner said: "We stand for a particular ethic and no one is going to stand in the way of us living up to exactly that".

Auction Alliance CEO Rael Levitt has stepped down pending the outcome of an investigation into the allegations.

It was reported on Wednesday that First National Bank (FNB) and Investec [JSE:INL] had also stopped doing business with Auction Alliance.

 
absa group  |  auction alliance  |  nedbank group  |  fraud

 
 
 

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
1 comment
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...