Auction Alliance staff set to resign: report

Staff of embattled Auction Alliance are considering resigning to join a competing firm, according to a report on Thursday.

A large contingent of the Johannesburg sales team were in talks with Aucor on Wednesday, The Star newspaper reported.

Auction Alliance has been struggling financially amid allegations that its CEO and founder Rael Levitt had paid staff at various banks large sums of money to ensure the company received preferential treatment.

Since the allegations were made public, at least two banks, Absa and Nedbank, have ceased trade with Auction Alliance pending the outcome of investigations.

The company has denied that it faced liquidation, voluntarily or otherwise.

However it has admitted that it could be facing retrenchments and was looking at cost-cutting options.