Former Auction Alliance boss Rael Levitt has admitted he made mistakes but did not deserve to be demonised by South Africa.

An application for an arrest warrant for Auction Alliance boss Rael Levitt has been rejected by the Pretoria Magistrate’s Court.

This wire story has been withdrawn due to inaccuracies.

Auction Alliance chief executive and founder Rael Levitt will step down from his post while allegations of a money-making racket are investigated.

Auction company Auction Alliance has allegedly been colluding with banks, liquidators and attorneys in a money-making racket.

Black consumers have become the largest-profile buyers at auctions, Auction Alliance chief executive Rael Levitt has said.

Auction Alliance CEO Rael Levitt says people should find it easier to get involved in real estate auctions as a result of new auction laws.