• Labour Wrap

    Terry Bell says the labour movement in SA is currently in a state of confusion.

  • Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

All data is delayed
See More

Another estate agent probed

May 20 2011 15:21
I-Net Bridge
Johannesburg - The Estate Agency Affairs Board (EAAB) said on Friday it had reported "the strong suspicion of criminal wrongdoing" at Constantia Sectional Title Management (CSTM) to the police.

The EAAB said it believed a search and seizure warrant had been executed.

It had also started more urgent proceedings in the South Gauteng High Court seeking an interdict against CSTM.  

The EAAB - after an anonymous tipoff regarding alleged improprieties - had started an inspection of CSTM in March with the assistance of Pasco Risk Management.

It then instituted proceedings against CSTM in the South Gauteng High Court in April to interdict CSTM from continuing to operate as an estate agent, and to appoint a curator to control and administer the trust accounts of CSTM.

This application was opposed by CSTM.

However, a settlement was concluded between the parties on April 20 in terms of which it was agreed that an independent chartered accountant be appointed to monitor all the transactions on the trust accounts of CSTM, and that investigations initiated by the EAAB would continue.

The EAAB said it was not satisfied with the results of these investigations or that the affairs of CSTM were in order and compliant with legal requirements, and it therefore approached the police.

Earlier this year the EAAB refused to issue Wendy Machanik Properties with a licence after an investigation it commissioned found R25.2m went missing from trust accounts between March 2007 and February last year.

A high court order prevented Machanik from working as an estate agent and placed her trust accounts under the control of a curator.
eaab  |  wendy machanik



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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote