Seanad debates

Wednesday, 28 May 2003

Auctioneering Profession: Motion.

 

The Enron scandal which occurred about two years ago was largely brought about because certain companies have consultancy and audit functions. In effect, two departments within a large consultancy firm organised trade-offs to protect a company in which they both had a fundamental interest. Nobody is suggesting this is also happening in the auctioneering industry. In fact, the contrary argument is made, namely, that auctioneers concentrate on the person who owns the property, which can only be good given that this is the person they are paid to represent. It is always open to someone who wishes to purchase a property to engage an auctioneer to facilitate his or interests. In such circumstances, the auctioneer will act in the best interests of the person who has engaged them, that is, the purchaser.

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