A letter from Auction Alliance
- 05 Mar 2012
Auction Alliance sent out the following letter:
The last three weeks have seen unprecedented media coverage about Auction Alliance with a number of very serious allegations. We do not believe we have handled this as well as we might have and in some cases, we have failed to communicate properly with our clients, employees and the public. We’d like to apologise to you for not communicating directly with you.
Suffice to say that we are enormously embarrassed by the allegations that have been made and our reputation has been seriously compromised. The embarrassment has extended to our employees, our clients, partners, suppliers and others, for which we also apologise. We have built a substantial business over the last 20 years with 180 employees throughout South Africa, and many more dependents. We have achieved much success and an enviable reputation for our efficiency and for providing the best possible outcomes for our clients.
The last three weeks have clearly been traumatic for all our employees, Directors and all our business partners and a deeply humbling period for us. It has resulted in our initiating, mindful and respectful of the microscope of public scrutiny, a very comprehensive, robust and uncompromising look at our practices, our people and our history. This independent investigation, being conducted by highly regarded Accountants @ Law under Allan Greyling, has already started. While we hope that it will be concluded in the next month, we will not compromise on the quality of the investigation and as such, this period may be extended until such time as we are completely satisfied that it has been as robust as we have set out. As part of the process, we have invited all our staff to tell us of any practice that they may have experienced internally which they are unhappy about. We undertake to communicate what action will be taken. We have already made changes to our internal governance procedures and these will characterise our business going forward, particularly the level of transparency with which we conduct certain practices.
That said, we are working very hard to sustain our business. Our business cannot survive without the support of our clients. We have a trusted relationship with our clients, with some going back over a decade. We value these relationships enormously and understand just how important they are to us. We would consider it a privilege to continue to work closely with you as a client.
Peter Moyo and Bruce Sneddon