Oceans developer faces R35m headache
Contractor sues businessman as luxury project falters
Durban businessman Vivian Reddy is being sued personally for almost R35m by one of the construction companies involved in his stalled R4.2bn Oceans Umhlanga development in Umhlanga. The upmarket KwaZulu-Natal development - touted as having two luxury residential towers, a shopping mall and a five-star hotel - was effectively shut down in October. The promised "10 cranes" which, according to the developers, were supposed to dominate the popular seaside village's skyline from February, are still absent. Though the company has previously blamed the lack of activity on site on the financial woes of two contractors, Liviero and Group Five - the former now in liquidation and the latter in business rescue - court papers reveal that late last year Reddy stood as personal surety in a "revised" payment plan for what was owed to a joint venture of JSE-listed construction firm WBHO and Sibonele Africa. In an application lodged with the Pietermaritzburg high court, which has been set down for he...
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