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Levitt: I rigged auction

Sep 16 2012 10:53
Sapa

Former Auction Alliance chief executive Rael Levitt has admitted using a close friend to rig the controversial Quoin Rock auction, it was reported on Sunday.

The Weekend Argus reported that Levitt allegedly made a written confession that he and Israeli property developer Ariel Gerbi set up a plan to disguise the rigged auction,

They reportedly tried to "create the impression" that Gerbi was a genuine bidder by "adding his name to the bidder's roll".

This, after millionaire businesswoman Wendy Appelbaum questioned the integrity of the process minutes after losing out at the auction.

According to the Weekend Argus, Levitt created the appearance that an employee of his at the auction Deon Leygonie was bidding on behalf of Gerbi.

The newspaper obtained the confession, apparently made at the start of the year, by applying to the National Consumer Tribunal for access to the information.

Levitt resigned in February amid accusations of widespread auction-rigging, including arranging kickbacks for a number of linked professionals, such as bankers and liquidators.

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rael levitt  |  auction alliance

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