Businessman Robert Gumede was awarded R53 million in damages and costs by a United Kingdom court against his former business partner John Sterenborg, it was reported on Monday.
The UK ruling reinforced an order by the High Court in Johannesburg in favour of Gumede in 2006, Business Day reported.
“I was labelled as a corrupt and dubious person and that damaged my credibility. I lost business opportunities because of unfounded accusations as certain people believed what he (Sterenborg) said,” Gumede was quoted as saying.
“This should be a lesson that you cannot accuse people when you are in the wrong yourself.
In 2001, Gumede's company, Guma, bought 100 percent of Applied Cards Technologies from Sterenborg and his wife Elizabeth for R30m.
According to Gumede, after he paid for the final tranche of shares in 2001, he learnt that Applied Cards technologies was insolvent and facing a liquidation application, the newspaper reported.
The company, which was producing prepaid card vouchers for Telkom, was later liquidated.
The court battle between Gumede and the Sterenborgs had been going on since 2001. - Sapa