South Africa’s Estate Agency Affairs Board (EAAB) said on Sunday that Pam Golding Properties is under investigation following an allegation in the media saying the form facilitated the sake of properties to the children of former Mozambican President Armando Guebuza without following legal requirements, an act seen as aiding money laundering. The EAAB accused former political leaders and their families of laundering money through investment of large sum of illicit funds in the artificial inflation of property prices and skewed market values.
Meanwhile, Financial Intelligence Center (FIC) of the country has been given the responsibility of proving the allegations against Pam Golding either wrong or right. EAAB CEO Mamodupi Mohlala said that the agency will always ensure that there would always be full compliance to all financial rules and regulations no matter the magnitude of a license. He concluded that the legislative tools will also be engaged in ensuring the compliance by all real estate players including Pam Golding.
