Multi-billionaire sequestrated in face of R712m in claims
Multi-billionaire businessman Martin Levick’s court battle to hang on to plush properties, flashy cars and artworks has failed, with the Gauteng High Court (Johannesburg) ordering that he be sequestrated.
Levick (49) is facing more than R712m in claims against his estate.
He is alleged to have operated a complex web of fake investments, defrauding clients across the globe, says a Times Select report.
Jilted business partners and investors rallied in April to secure a provisional sequestration order, empowering the sheriff of the court to attach his mansion in Houghton, Johannesburg, and later his palatial home on Clifton’s shoreline in Cape Town, as well as other major assets.
The provisional order was made final this week after an eleventh-hour bid by Levick’s attorneys to have the matter postponed.
His assets are now firmly in control of a trustee, appointed to formally facilitate the repayment of creditors, notes the report.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
