WHILE mandated to market and sell bulk properties on behalf of Absa, Auction Alliance allegedly acquired some of the residential units for itself without disclosing this to the bank.Auction Alliance is also accused, in the Greyling forensic report that Business Day has seen, of paying referral commissions to bank officials at Absa, Nedbank, RNB/FNB and Investec.The report is the product of a forensic probe carried out by Allan Greyling and his team at Accountants at Law (A@L) in 2012. It has been buried away from the public eye ever since.The auction firm and its founder, Rael Levitt, brought an urgent interdict against Business Day last week in an attempt to prevent its publication, but the application was dismissed with costs.Based on evidence provided to A@L by Gary Locketz, then the financial adviser to Levitt, former CEO of Auction Alliance, the auction house had an arrangement with Absa to market certain bulk residential properties that were in default, on behalf of Absa.The s...
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