It is a pity that a body which is supposed to regulate our real estate agents and ensure fair trade and practice could see itself in such a position.
From Moneyweb article: Crisis deepens at the beleaguered EAAB
The EAAB’s board called an extraordinary meeting on Thursday night to discuss the outcome of a draft audit report by external auditors citing, among others, irregular, fruitless and wasteful expenditure and non-compliance with sections of the Public Financial Management Act (PFMA).
…
Other expenditure mentioned in the report as “irregular, fruitless and wasteful” was R1.29m forfeited for paying a deposit on a building of which the contract was subsequently cancelled; the appointment of, and payment for, the services of a media company which was not in accordance with policy; fees for a forensic audit; and two amounts of R775 001 and R194 251 paid respectively in terms of CCMA agreements.
This organization was put in place to regulate the industry, but it seems it can hardly regulate itself.
Here is another concern I have:
Big players in the real estate industry have constantly bemoaned the state of affairs at the EAAB over the past year or so, but seem reluctant to speak out publicly for fear of reprisals.
So basically they fear the EAAB – how can one get matters to improve if concerns cannot be voiced publicly because of this fear? Someone needs to speak up, make themselves heard and hopefully there will be some improvements.
No related posts.