Investors want alleged fraudster declared insolvent
Multibillionaire businessman Martin Levick, previously at the helm of Johannesburg-based Genesis Capital Group of companies, is accused of pocketing hundreds of millions of rands from people in Israel, London and Australia.
Now, says a Sunday Times report, his jilted investors have rushed to the Gauteng High Court (Johannesburg) to have the alleged fraudster declared insolvent and sequestrated.
Papers before the court reveal a complex web of property deals, as well as allegations that Levick swindled businessman Anthony Ball – co-founder and former CEO of equity firm Brait – of millions in a fake deal involving an artwork by famous British street artist Banksy.
An application for final sequestration will be heard in June, says the report.
Alleged in court documents to be among Levick’s assets is a luxury apartment in Clifton, Cape Town, with panoramic ocean views, valued at R180m, as well as a house in Houghton valued at R30m.
An Australian family, the Segals, applied to have Levick provisionally sequestrated last month. Shareholders of companies based in Guernsey and the British Virgin Islands then followed suit.
Levick’s attorney, Marco Martini, said he could not disclose whether or not he would oppose the order sought by the Segals.
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