SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934

                               (Amendment No. 2)*



                          Leisureplanet Holdings, Ltd.
                         ------------------------------
                                (Name of Issuer)

                     Common Stock, par value $.01 per share
                     --------------------------------------
                         (Title of Class of Securities)

                                    G34874100
                                   ----------
                                 (CUSIP Number)


                                    12/31/99
              -----------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

         |_|  Rule 13d-1(b)

         |_|  Rule 13d-1(c)

         |X|  Rule 13d-1(d)


*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.





CUSIP NO. G34874100
- --------------------------------------------------------------------------------



1.       Names of Reporting Persons.
         I.R.S. Identification Nos. of above persons (entities only).
         Michael Levy
- --------------------------------------------------------------------------------

2.       Check the Appropriate Box if a Member of a Group (See Instructions)

         (a)      [   ]

         (b)      [ X ]

- --------------------------------------------------------------------------------
3.       SEC Use Only

4.       Citizenship or Place of Organization                      U.S.A.

Number of             5.       Sole Voting Power                       799,922
                      ---------------------------------------------------------
Shares Bene-
ficially Owned        6.       Shared Voting Power                     N/A
                      ---------------------------------------------------------
By Each
Reporting             7.       Sole Dispositive Power                  633,470
                      ---------------------------------------------------------
Person With
                      8.       Shared Dispositive Power                N/A

9.       Aggregate Amount Beneficially Owned by Each Reporting Person
                               799,922
- --------------------------------------------------------------------------------

10.      Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
         Instructions) [  ]
         N/A

- --------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)
         34.92%

- --------------------------------------------------------------------------------
12.      Type of Reporting Person (See Instructions)
         IN
- --------------------------------------------------------------------------------



                                      -2-




CUSIP NO. G34874100
- --------------------------------------------------------------------------------


Item 1.

         (a)      Name of Issuer    Leisureplanet Holdings, Ltd.

         (b)      Address of Issuer's Principal Executive Offices
                  Clarendon House, Church Street, Hamilton HM CX, Bermuda

Item 2.

         (a)      Name of Person Filing     Michael Levy

         (b)      Address of Principal Business Office or, if none, Residence
                  c/o Arpac, 9511 West River Street, Schiller Park, Illinois
                  60176

         (c)      Citizenship       U.S.A.

         (d)      Title of Class of Securities       Common Stock, par value
                  $.01 share

         (e)      CUSIP Number      G34874100

Item 4.      Ownership.

         As of December 31, 1999:

         (a)      Amount beneficially owned: 799,922  .
                                             ----------


               Includes 63,333 shares of Common Stock,  par value $.01 per share
(the "Common  Stock")  issuable  upon  exercise of options that are  immediately
exercisable  at an exercise  price of (i) $5.00 per share with  respect to 5,000
options, (ii) $3.75 per share with respect to 5,000 options, and (iii) $6.00 per
share with respect to 10,000 options, (iv) $2.19 with respect to 10,000 options,
and (v) $4.06 with respect to 33,333  options.  Also includes  570,137 shares of
Class B Common Stock, par value $.01 per share (the "Class B Common Stock") held
by Mr.  Levy.  Also  includes  166,452  shares of Class B Common Stock issued to
American  Stock  Transfer & Trust Company (the "Escrow  Agent")  pursuant to the
terms of an escrow agreement, which shares correspond to a like number of shares
of First South African  Holdings (Pty.) Ltd. Class B stock. The Escrow Agent has
granted to Mr. Levy a proxy to vote each of such shares of Class B Common Stock.
Mr. Levy disclaims  beneficial  ownership of all shares held by the Escrow Agent
for which he has been granted a voting proxy.

                  Does not include  66,667 shares of Common Stock  issuable upon
exercise of options not exercisable within 60 days. Each share of Class B Common
Stock has five  votes per  share,  each  share of Common  Stock has one vote per
share.

         (b)      Percent of class:         34.92%
                                   ------------------

         (c) Number of shares as to which the person has:

                                      -3-



CUSIP NO. G34874100
- --------------------------------------------------------------------------------



          (i)  Sole power to vote or to direct the vote 799,922 .
                                                        ---------

          (ii) Shared power to vote or to direct the vote N/A .
                                                          -----

          (iii)Sole power to dispose or to direct the  disposition  of 633,470.
                                                                       --------

          (iv) Shared power to dispose or to direct the disposition of N/A .
                                                                       -----




CUSIP NO. G34874100
- --------------------------------------------------------------------------------


                                    SIGNATURE

         After reasonable  inquiry and to the best of my knowledge and belief, I
certify that the information  set forth in this statement is true,  complete and
correct.

Dated:  February 8, 2000


                                                     /s/ Michael Levy
                                                     -----------------------
                                                     Name: Michael Levy