I really don’t try to have much to say when companies are in tremendous problems, because one never really knows what all the facts are until they are revealed in Court and both sides are heard. I can only say that I had one property that was sold on auction, and it is something that I will never do again.

My piece of land that I had was sold at a tremendous loss, by Auction Alliance, who had enquired from me as to what the minimum amount would be that I would accept – which happened to be all that it was auctioned for. I was told later that the person who bought it at the auction, immediately applied with the conveyancer to transfer it to another person and sold it for double the price they had bought it from me for!
That leaves a very sour taste in the mouth and it certainly soured me to the auction process. To now read allegations that there had been fake bidders at some auctions, that all sorts of back room deals were going on and that various kickbacks were being paid by Auction Alliance under the leadership of Rael Levitt who has subsequently resigned, hardly leaves one feeling any better. One certainly hopes that various banks named in the probe, namely Absa and Investec are going to get to the bottom of allegations that their staff pushed business in the way of Auction Alliance in return for kickbacks.