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Nedbank warns of car scam

Nov 19 2012 12:55 Fin24

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 220.17
Change 1.97
% Change 0.01
Cumulative volume 220777
Market cap 113.16bn

Last Updated: 24/04/2014 at 04:10. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - Nedbank Group [JSE:NED] on Monday warned of a scam in car repossessions that implicated the firm, the Motor Finance Corporation (MFC) and some of the auction firms it uses.

Nedbank said it is still investigating the full impact of the scam on the bank, and has reason to believe that an MFC staff member and his wife were involved in serious misconduct in dealings with an auctioneer, Park Village Auctioneers.

Nedbank said that the employee was suspended, and subsequently resigned. It has laid a criminal case against him with the South African Police Service.

TV programme Carte Blanche showed on Sunday that the employee's indiscretions prejudiced one of Nedbank's clients, who has now been refunded in full.

Earlier investigations by Nedbank did not reveal evidence of any widespread conspiracy, but it said clients who believe they have been scammed in this manner may contact Nedbank at auctionqueries@mfc.co.za or call 0860 079 900, so that it can resolve each case on an individual basis.

Nedbank is still investigating the full impact of the scam. It said if any more employees are implicated, they will be subjected to disciplinary action proportional to their misconduct.


nedbank  |  scam  |  repossessions
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