Fraud-accused billionaire Martin Levick loses bid to save assets

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Fraud-accused billionaire Martin Levick loses bid to save assets

Palatial properties, luxury cars and other trappings of wealth are now firmly in the hands of court trustees

Journalist

Multibillionaire businessman Martin Levick’s court battle to hang on to plush properties, flashy cars and artworks has failed, with the high court in Johannesburg on Tuesday ordering that he be sequestrated.

Levick, 49, is facing over R712m in claims against his estate. He is alleged to have operated a complex web of fake investments, defrauding clients across the globe.

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...

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