Damning report reveals financial wrongdoing at Auction Alliance
The report has implicated a string of auctioneers, bank officials, liquidators & prominent individuals.
JOHANNESBURG - A damning forensic report about financial wrongdoing at Auction Alliance has reportedly implicated a string of auctioneers, bank officials, liquidators and prominent individuals in secret commission payments, to the tune of hundreds of millions of rand.
According to the Business Day, the report is the product of a forensic investigation that was carried out in 2012, ironically, at the behest of Auction Alliance.
It has found that hefty commissions were paid to counter parties that may have encouraged early foreclosures in order to facilitate auction business.
The firm's founder and managing Director Rael Levitt brought an urgent interdict last night to prevent the newspaper from publishing the report's contents, however the application was dismissed, with costs.