Rael Levitt steps down as CEO of Auction Alliance & Investec responds to accusations

Auction Alliance Board Statement
The Board of Auction Alliance has agreed that Rael Levitt will step down as its Chief Executive Officer with immediate effect, pending the outcome of the independent investigation instituted by the Board last week into the allegations published in the media.

Bruce Sneddon, Auction Alliance’s current CFO, will manage the company as acting CEO, working with Peter Moyo, a well-known businessman & CEO of Amabubesi Group.

Investec responds on Carte Blanche programme
Last night Carte Blanche flighted a programme on Auction Alliance and the alleged involvement of banks, liquidators and other parties in kickbacks.Investec was approached last week to be interviewed for the programme and we were sent a list of questions.  Although we declined the offer to appear on the show, given the underlying technical and legal complexity, we took a decision to respond in writing.

We attach our detailed response to Carte Blanche for your reference along with a brief Q&A for your use.

We are extremely disappointed with the manner in which Investec was singled out and the fact that Carte Blanche did not question the credibility and personal agendas of some of their sources.  What resulted was selective disclosure of Investec’s response, calculated to suit the agenda of the programme.

Investec does not condone unlawful conduct by any of its employees. We are investigating the accusations levelled against two of our employees and disciplinary action will be taken if it is found that there is substance to the allegations.

Finally, we wish to make it clear that contrary to what was suggested in the programme Investec  has no relationship with Merobex whatsover.  Our understanding is that remuneration due to Shaie Zindel was paid into Merobex by his former employer at the time (Auction Alliance) in terms of his remuneration contract.

You can download the full Investec response here

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