Vivian Reddy, a prominent Durban businessman, has announced plans to sue the ‘Sunday Times’ for defamation regarding an article about Oceans Mall. Reddy claims the report is misleading and void of factual accuracy. Vivian Reddy, a well-known Durban businessman, has stated that his legal team will serve summons on the ‘Sunday Times’ for defamation following a controversial report on Oceans Mall in uMhlanga. The article, published on Sunday, was titled “Reddy under fire from Ocean’s Investors” and alleged that shareholders in a company linked to Reddy had experienced a seven-year communication gap about their investments.
According to the ‘Sunday Times,’ in 2017, the unlisted Oceans Hotel’s investment arm, Oceans Invest, invited public investment with shares priced at R20 each. Investors were required to buy a minimum of 50 shares, amounting to R1,000. The report also claimed that Reddy had purchased R10,000 worth of shares for each of his two domestic workers and that 460 additional domestic workers received discounted shares. By 2019, some shareholders allegedly expressed concerns about a new R4 billion development, citing a lack of communication.
In response, Reddy accused the ‘Sunday Times’ of spreading false information. He labeled the article a “big lie,” asserting there are no public shareholders in Oceans Mall or Oceans Residences. Reddy argued that the article was misleading and defamatory, omitting crucial information to paint a negative picture of the Oceans Development.
“The headline is misleading and defamatory as a factual report was presented to the newspaper and they chose to omit pertinent information, therefore rendering the article incoherent and fake. We will take legal action and force a public apology,” Reddy stated. He emphasized that news should be fair and objective, accusing the ‘Sunday Times’ of harboring a vendetta against Oceans Development.
Reddy contended that the article’s claims about shareholder complaints were unfounded. He pointed out that the 23,000 public shareholders receive annual reports, and he has evidence to support this claim. Additionally, he highlighted the success of the hotel, which is a top performer in the Radisson group, earning numerous awards for outstanding performance.
Oceans Hotel COO Brian Mpono supported Reddy’s statements, confirming regular communication with shareholders and annual general meetings (AGMs), with the latest one attended by over 600 shareholders. Mpono cited shareholder Sanjeev Lutchman, who admitted to receiving company communications despite claims to the contrary.
Matthew Clark, owner of Financial and Investor Communications (Finic), also defended the communication efforts, noting that some shareholders had not even opened their emails regarding AGMs.
The ‘Sunday Times’ has stood by its story, with Business Times editor Caiphus Kgosana maintaining the report’s integrity. However, Reddy remains firm in his stance, insisting on the need for accurate and unbiased reporting.
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