Law firm Fluxmans claims its former director Solomon Slom (81) admitted to stealing millions from a client's escrow account – and said it was forced to sequestrate Slom to stop him from blowing the cash he has left.

A News24 report says despite being charged with fraud for allegedly using fake requisition forms to withdraw more than R39m over a five-year period from an account intended to keep their clients' money safe, Fluxmans claims Slom ‘continued and continues committing theft and fraud’.

The firm claims he depleted an account linked to his alleged looting and continues to withdraw money from the account where he allegedly transferred the stolen cash.

‘He continues to incur credit, utilising his credit cards, full knowing that he is unable to repay the financial institutions which continue to allow him to operate with impunity, notwithstanding that they are aware of Slom's alleged crimes,’ Fluxmans joint CEO, Ira Epstein, states in papers filed in the Gauteng High Court (Johannesburg).

Epstein further revealed that Slom owed his former firm R1 479 444 in unpaid loans plus interest, notes the News24 report.

While Fluxmans had held off on seeking Slom's urgent sequestration at the request of AFU officials, Epstein said it had been forced into action after one of its representatives discovered that Slom's daughter had sold a property believed to have been purchased with the proceeds of his alleged crime.

At a 12 July 2024 meeting, he said, a senior AFU advocate advised ‘that the AFU was no longer proceeding with an application as an Audi motor vehicle, which had been purchased by Slom for his ‘girlfriend’ for R1.3m, had been sold and accordingly the matter was no longer of interest to the AFU’.

As a result of this disposal of assets that were believed to have been brought with the proceeds of Slom's alleged crimes, Epstein added, the AFU indicated it would no longer proceed with an application to seize his assets.

‘The incompetency and failure by the AFU to act timely or at all will be dealt with in the appropriate forum and at the appropriate time,’ he stated.

Full News24 report