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Pam Golding properties probed for allegedly aiding money laundering during sale

It is alleged that former political leaders and their families were laundering money by investing large sums of illegal monies in properties in South Africa, resulting in the artificial inflation of property prices and skewed market values.

Picture: Supplied

JOHANNESBURG - Pam Golding Properties, one of the country's top real estate agencies, will be the subject of a multi-pronged investigation following reports that it allegedly facilitated the sale of properties to the children of former Mozambican President Armando Guebuza without following legal requirements and thus allegedly aided money laundering.

The Estate Agency Affairs Board (EAAB) is launching the "first-of-its-kind" investigation has requested a joint probe
with the Financial Intelligence Centre into the allegations carried in a 21 February, 2020 article in the Mail and Guardian.

It is alleged that former political leaders and their families were laundering money by investing large sums of illegal monies in properties in South Africa, resulting in the artificial inflation of property prices and skewed market values.

“Enforcement and compliance are at the core of our mandate as a regulator. We, therefore, have to ensure that there is full compliance no matter how big or small a licensee. We demand full compliance in the interests of the consumer and public protection,” said EAAB CEO Mamodupi Mohlala.

The EAAB said will meet with the FIC in the coming days to finalise the scope of the investigation which will look into whether Pam Golding Properties transgressed sections of the FIC Act.

Officials will do on-site inspections at Pam Golding Properties’ premises and request access to documents.

Any adverse findings will result in the agency being hauled before an EAAB disciplinary hearing.

“We will expedite the investigation and request co-operation from all parties involved. The allegations against Pam Golding’s conduct is most concerning. We are aware that the property sector, more especially the real estate sector, is a source of wealth creation. We, however, say create wealth legally and according to rules and policies. We, therefore, intend on using legislative tools to ensure compliance by all players including Pam Golding which is one of the biggest players in our space. No one is above the law," Mohlala said.