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Sodi's Multimillion-rand Farm up for Grabs

Trouble seems to follow politically connected businessman Edwin Sodi were ever he goes. According to a source he likely to lose his multimillion rand farm after failing to pay his bond.

One of the biggest bank in the country ABSA is pleading with the Johannesburg High Court. It wants a court order to repossessed and sell Edwin Sodi's R10 million at Ruimsig in Johannesburg.

In the court papers seen by a source. The bank indicated that it gave the businessman a loan amount of R 4.2 million for the property in july 12 ,2012.

The amount did not include R 5700 initiation fee and R 17 000 annual insurance premium.

Prior to the agreement between the two parties. ABSA and Sodi's company Blackhead signed surety agreement on july 6, 2012 in Roodepoort agreeing that it will be a co-principal debtor on the home loan.

According to the big bank Sodi's was responsible to pay an amount of around R 31 000 per month for a period of 240 months.

Sodi's has payed up to around R1.5 million to reduce the debt from R4.2 million to R2.7 million. The last payment he made was last year September when he got arrested. ABSA wants the court to grant it with a court order to declare the property executable as Sodi failed to fulfill his responsibility to pay the bond.

ABSA said they were not convinced that Sodi and associates will be able to finish their loan repayment within a specific time.

The farm and a property Agriculture holdings (AH) Aanwins in Johannesburg wich is valued at R40,5 million and property owned by his company in property holdings together with another property in Fourways was seized by assets forfeit unit in 2020 and placed under care of curator that's when his biggest financial problems started.

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Source: Sunday world latest edition

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ABSA Blackhead Edwin Edwin Sodi Roodepoort


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