Vivian Reddy's company R80m in red
A specialist electrical services supplier founded by businessman Vivian Reddy has debts amounting to R83 million.
According to the newspaper, directors of EJ Power, formerly known as Edison Jehamo Power, are attempting to prevent several winding up applications with a counter proposal that the firm trade its way out of financial trouble.
The banks have also frozen the company's overdraft facilities.
In an affidavit, director Simon Wilkinson said the company had R46m in assets. It owed creditors R18m, staff and the taxman R10m, and "concurrent creditors" (creditors and sub-contractors) R55m.
The newspaper reported that Reddy, who is known for connections with the ANC elite, including President Jacob Zuma, and the government deals his Edison group of companies has landed, founded EJ Power in 2005.
He had since resigned as a director, but his son Shantan Reddy was a director, according to the newspaper.
EJ Power specialises in maintaining powerlines and has contracts with Eskom and municipalities.