Au­di­tor fined over real es­tate fund’s miss­ing $1m

Waikato Times - - Business -

An au­di­tor has been fined for fail­ure to re­port the un­ex­plained with­drawal of $1 mil­lion from a real es­tate agency trust ac­count. Con­cerns were raised about Preet & Co Real Es­tate, which ran 10 Har­courts of­fices across Auck­land, last year. The com­pany was liq­ui­dated in April. Its sole di­rec­tor and share­holder is Gur­preet Gre­wal. Along with branch man­agers Joseph Vo­or­douw and Garry Ma­son, he ap­peared be­fore the Real Es­tate Agents Dis­ci­plinary Tri­bunal ear­lier this year, ac­cused of mis­con­duct, and has had his real es­tate agent’s li­cence sus­pended. Ab­dul Im­ran Khan, who con­ducted an au­dit of the com­pany’s trust ac­count, was fined $5000 in the Manukau District Court this week.

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