Vivian Reddy's company R80m in red
A specialist electrical services supplier founded by businessman Vivian Reddy has debts amounting to R83 million.
Picture taken from www. Picture taken by Robert BothaAccording 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.
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sakhomba
you will bounce back oom Viv.Report Abuse
Bombay_Mafia
Don’t worry comrade Reddy we will take money set aside for ARV's and Textbooks to bail you out ... Just hang in de, Suma _man to de rescue!Report Abuse
Pointman
Stupid guy - he does not even know how to be corrupt. He did the work tendered to him too well instead of doing shoddy work and pocketing the "profits". By the time he paid his kickbacks his company was broke.Report Abuse
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