• Inside Labour

    Brexit should send warning signals to worker organisations everywhere, says Terry Bell.

  • Racial redress

    The next adult generation is at risk of being polarised on the basis of skin colour, says Solly Moeng.

  • To do list

    Keep separate lists to ensure your to-dos don't get cluttered and gain stress-free productivity, Ian Mann.

All data is delayed
Loading...
See More

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.

* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.

rael levitt  |  auction alliance

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Labour’s call for a cap on salary of high earners is?

Previous results · Suggest a vote

Loading...