The revelation by Business Day last Friday that it had discovered a big scandal regarding Auction Alliance’s unholy alliance with banks, auctioneers, liquidators and attorneys which is about making profits out of marketing and selling people’s homes and businesses didn’t strike Black Opinion as a big deal. What surprises us is that the matter is treated as suggestive of some rogue element in an otherwise ethical business environment. We, off course, know better – white business is corrupt to the core but protected by the media and often even by the whole justice system.
Basically, the scandal has to do with how Auction Alliance (AA) has captured the banks and thereby taken the homes of a slew of people, disregarding their legal rights, and making huge profits out of it. AA has been paying banks and others to surrender homes and businesses to it at next to nothing. It then sells these properties back to the same banks. The banks thereafter sell the properties back to the persons or businesses who were repossessed. When any of them subsequently defaults for whatever reason, the banks repossess the property again and gives it to AA thereby continuing the cycle of exploitation all over again. This is what Business Day would not tell you, that the Banks are playing a ponzi scheme with people’s lives.
The Business Day’s so called expose’ has no victims, no families telling their horror stories of repossession and homelessness. Its technical report is about reports with no victims. If AA was black owned, Business Day would have gone looking for real victims to tell their stories so as to give the report a “human face”. Right now the report is about cold facts without warm bodies.
AA was founded by a rogue fellow known as Rael Levitt, and within a decade it became the biggest auction house in town. The business genuis achieved this by bribing all on his way up and certainly muscling out competition and precipitating foreclosures of people’s homes and businesses. If you have the banks, the lawyers and other law enforcement agencies in your pocket then the burden of debt which is suffocating most of South Africa can become a lucrative business. To this end up to 86% of the adult population is designated as indebted. Levitt cashed in on the sorrows of many. Yes, AA like most white businesses made money out of the suffering of others.
The height of irony is that the same banks which hastened to close down the accounts of the Gupta family businesses are not just facilitating the corruption by AA but are directly involved in it. Apparently, the scandal regarding Auction Alliance erupted in 2012 but no bank has since closed any of its accounts.
It looks like the Hawks have been involved in the most uninterested way with the matter since 2012. The lackluster treatment of the scandal that involves millions and must have affected thousands of people is indicative on how white corruption is treated. Business Day and white owned media treat this scandal as if its an aberration from the norm. It’s not. This is how whites have been doing business since their arrival in South Africa in 1652.
By BO Staff Writer