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More banks drop Auction Alliance

Mar 01 2012 08:33

Company Data


Last traded 215
Change 0
% Change 0
Cumulative volume 197578
Market cap 0

Last Updated: 25-11-2015 at 01:45. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 164
Change -2
% Change -1
Cumulative volume 826372
Market cap 0

Last Updated: 25-11-2015 at 01:44. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 119
Change 2
% Change 2
Cumulative volume 323110
Market cap 0

Last Updated: 25-11-2015 at 01:45. Prices are delayed by 15 minutes. Source: McGregor BFA

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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


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