New Coast Realty owner stepping aside during investigation
Posted April 19, 2016 9:38 pm.
Last Updated April 19, 2016 9:40 pm.
This article is more than 5 years old.
RICHMOND (NEWS 1130) — The owner of New Coast Realty is temporarily cutting ties with his firm while the Real Estate Council of BC and the Real Estate Board of Greater Vancouver investigate allegations of shady practices like shadow-flipping.
According to a written statement, this is a voluntary step-down by Ze Yu Wu who will have nothing to do with the company during the review process.
The company also says its agents “specifically deny recent allegations of wrongdoing detailed in some media reports.”
New Coast Realty is bringing in an independent Compliance Officer to oversee their practices and report to the council.
NDP housing critic David Eby, who believe a criminal fraud investigation should be brought in, says the owner’s step-down is appropriate.
“People central to these allegations should not be involved, although I’m quite surprised that this is a voluntary action instead of an action that’s imposed or an action that can be imposed on this agency by the real-estate council,” he says.
“The allegations of widespread fraud here are very serious and strike at the core of public confidence in realtors. I would have expected them to take more direct action rather than leaving it to the agency for it to decide for itself whether or not hey were going to continue on the same path they were going.”
