Edwin Sodi. Image via Twitter @AdvoBarryRoux
Edwin Sodi at ‘risk of losing over 90 vehicles’
Embattled businessman Edwin Sodi reportedly owes millions of rands, which could see him losing his company assets.
Edwin Sodi. Image via Twitter @AdvoBarryRoux
Controversial businessman Edwin Sodi’s financial troubles seem to be piling up.
According to Sunday World, the corruption-accused entrepreneur is at risk of losing over 90 vehicles following a court order by a giant insurance company, Hollard Insure.
EDWIN SODI’S COMPANY ALLEGEDLY OWES OVER R39 MILLION
As per the court papers, Hollard acted as a guarantor for Sodi’s company, NJR Projects, to receive millions from the Development Bank of Southern Africa (DBSA). The bank is reported to have given the company over R39 million as an advance payment.
This came after NJR was awarded a R282 million tender by the Department of Public Works to upgrade and build accommodation for a correctional centre in Parys, Free State. The project was supposed to have been completed by 20 February 2022. However, it was allegedly terminated because the company failed to “achieve practical completion” of the project on time
Following NJR’s alleged failure to repay the loan, Hollard wants the sheriff to seize the company’s movable assets. These include five Bell TLBs, a BMW X3, two Chevrolet Utility vehicles, a Ford Fiesta, 41 Ford Rangers and 10 Hino trucks. In addition, there are 15 Mazda CX3s, 4 Mercedes-Benz vehicles, 6 Nissan NP200s, three tankers, three Toyota bakkies and eight VW vehicles.
R75 MILLION MANSION UP FOR SALE
Last week, Sodi’s luxury Morningside mansion was listed for sale for an astounding R75 million.
According to the Lynn Estate website, the popular upmarket house boasts a grand double-volume entrance hall with a feature wall, glass door, floating staircase and marble fireplace. Sodi’s home also features a 20-seater fire pit, outdoor cinema, built-in bar with cigar lounge, a spacious family room, gym, walk-in closet, jacuzzi and a pool with deck.
Additionally, the five-bedroom en-suite home has six bathrooms.
The extravagantly architected mansion is also where Sodi hosted his lavish 50th birthday party in September 2023. In addition, it is also where he lived with his partner, Karen Zulu, whom he has reportedly separated from.
