If you haven’t yet heard of Martin Levick, you’re in for quite a ride.

We first covered the story back in May of last year, when the South African who claimed a R1,3 billion net worth had just been let go as CEO of investment house Genesis Capital.

At the time, he had houses in Clifton, Houghton, and drove a one-of-a-kind, R2,5 million Aston Martin V12 Vantage S, with customised maroon carbon-fibre finishes.

There’s a certain kind of person who drives around in one of these…

Image: Jeff Wicks

Levick faced criminal and civil charges, and was accused of “desperate and dishonest conduct”, “trickery” and “fraudulent” behaviour.

He denied any wrongdoing, but a number of creditors from as far afield as Australia, London, and Israel came forward saying they had been defrauded by Levick, and the then 49-year-old faced a total of R712 million in claims against his estate.

One of those came from businessman Anthony Ball, who said he had been duped into lending Levick money for Banksy’s artwork, Grannies, thinking he stood to profit to the tune of $3,5 million (around R53 million) for his part in buying and selling on the artwork to rich mutual friends.

You can read more about that here, and things then worsened for Levick in June of last year when the high court in Johannesburg ordered that he be sequestrated.

His assets were seized, including that Aston Martin above, and placed in the hands of a trustee, appointed to formally facilitate the repayment of creditors.

All of that brings to us the latest update, which comes via TimesLIVE, and also comes as a surprise:

Levick – accused of fleecing investors and former friends of more than R700m – appears to have wriggled his way out of a criminal charges relating to an alleged faux art deal and fraud scam that spanned the globe.

…this week the Hawks confirmed he was no longer considered a suspect in cases opened by creditors Anthony Ball and the Segal family.

While Levick has been mum on the allegations against him, he appears to have executed a sharp about turn, issuing a statement which glowed about his “exoneration”.

The statement, issued by his spokesperson Keshia Patchiappen, insisted that Levick had been wholly exonerated and “acquitted of all criminal investigations” which relate to allegations of fraud.

“In the face of fraudulent allegations, justice has prevailed,” reads an opening line.

“Martin Levick has been exonerated of previous criminal allegations, as ruled by the Commercial Crimes investigators last week. The evidence presented to police Commercial Crimes [investigators] for further investigation was shut down after the evidence presented failed to implicate Levick in any criminal activity.”

Here’s the thing – Levick talks being ‘wholly exonerated’, but National Prosecuting Authority spokesperson Phindi Louw told journalist Jeff Wicks that charges related to the artwork had been dropped because of a “lack of jurisdiction”.

That’s down to the fact that the transactions took place through banks that aren’t in South Africa.

Attorney Saul Shoot, acting for petitioning creditors Chester Holdings Ltd and Illovo Ltd, said the NPA’s decision did not mean Levick had clean hands.

“It is false to suggest that evidence presented failed to implicate him in any criminal activity, that the allegations against him were fraudulent or that he was acquitted or exonerated of all or any criminal charges,” said Shoot.

Attorneys representing the Segal family, who are claiming $29m (around R440 million), also shot down the ‘exoneration’ claims.

Levick’s headaches are far from over, though, even if the criminal charges have been dismissed. Trustees appointed by the court during the sequestration order have been conducting a secret insolvency inquiry, so he could still lose his substantial fortune.

A real pity, that…

[source:timeslive]