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More banks drop Auction Alliance

Mar 01 2012 08:33 Sapa

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 0
Change 7,23
% Change 0
Cumulative volume 224597
Market cap 121.98bn

Last Updated: 21-11-2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 0
Change 6,86
% Change 0
Cumulative volume 853886
Market cap 155.10bn

Last Updated: 21-11-2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

INVESTEC LIMITED [JSE:INL]

Last traded 0
Change 3,32
% Change 0
Cumulative volume 782939
Market cap 29.70bn

Last Updated: 21-11-2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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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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