The loan agreement was signed between ‘Illovo‘ and Genesis UK, the UK arm of Genesis Capital. In an email in the court papers, Genesis UK’s attorneys told Ball’s UK lawyers that Genesis UK had nothing to do with the deal. Genesis Capital distances itselfGenesis Capital MD Stan Melnick says immediately after they were alerted to the situation, the company “acted swiftly to secure Mr Levick’s resignation as a director and CEO of Genesis Capital (Pty) Ltd and thereafter his suspension as an employee”. “Insofar as Genesis Capital (Pty) Ltd and its subsidiaries are concerned, including Genesis Capital UK, Mr. Levick has no current relationship with them other than a minority shareholding in and indebtedness to Genesis Capital (Pty) Ltd. As regards to Genesis Capital Partners (Pty) Limited, his relationship is limited to a minority shareholding,” says Melnick. Genesis Capital (Pty) Ltd is a holding company for a number of businesses that have for many years successfully acted as intermediaries in the financial services industry.

Source: News 24 May 17, 2019 18:00 UTC