Former Dimension Data executives, who were found guilty of fraud by a High Court judge, have been granted leave to appeal the scathing judgment. The executives, claiming they were wrongly accused, insist they acted in the best interests of the company and are confident the appeal court will overturn the verdict. They argue the judge misinterpreted evidence and overlooked key facts, including NTT's own acknowledgement of the transaction's success.
The former executives, who on Wednesday won leave to appeal, have also set out their side of the story in detail for the first time.High court judge Denise Fisher, who handed down the scathing judgment against the former executives, on Wednesday agreed that it could be taken on appeal.
The allegation that the BEE structure was a subterfuge was one that none of the parties raised and is incorrect “The court embarked on an in-depth interpretation of written exchanges and drew far-reaching inferences from them on the papers” and another court may determine that the judge had been wrong in the inferences drawn;
“There is compelling evidence that NTT elected to abide by the transaction, which had achieved the BEE result NTT sought, and that it in fact relied on and benefited from the transaction. Moreover, the CEO of the business, Werner Kapp, said on 25 January 2022, ‘We have taken the decision to ratify The Campus transaction subject to dealing with the exit of the executives in a manner which preserves the original objectives of this transaction.
Historically, as a Japanese company, NTT had struggled with the concept of empowerment and its implementation, and it had fallen behind its competitors in this regard. It understood, however, that unless the BEE rating was improved, full value could not be achieved on a sale of the business. Initially, it was envisaged that NTT would simultaneously sell shares to the executives and BEE investors. Standard Bank and other property experts were also employed by NTT.
FRAUD APPEAL EXECUTIVES DIMENSION DATA NTT BEE TRANSACTION
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Company at centre of fraud case against former top Dimension Data executives in business rescueCulross Property Co, which is at the centre of the Dimension Data property debacle, has entered business rescue.
Read more »
Win for Dimension Data co-founder and former top executives in fraud caseSix former Dimension Data executives have received leave to appeal a scathing High Court judgement which found they had orchestrated an “illegal scheme” while presiding over the sale of The Campus.
Read more »
Data Engineer / Business Intelligence SpecialistWe are seeking a skilled Data Engineer/Business Intelligence Specialist to join our growing team. You will play a key role in transforming data into actionable insights, supporting our enterprise data warehouse, data marts, and business intelligence reporting environments. Responsibilities include collaborating with stakeholders, data engineers, and BI analysts, analyzing business requirements, designing and implementing data solutions, and optimizing data pipelines and infrastructure.
Read more »
Data Management Consultant Needed to Drive InnovationA company seeks a Data Management Consultant to help businesses maximize their data potential. Ideal candidates possess expertise in structuring, analyzing, and optimizing data flows. Experience with Master Data Management, Metadata Management, Data Quality, and Data Lineage tools is crucial. The role involves implementing compliance controls, forging strong partnerships, developing best practices, and leading the onboarding of new data assets.
Read more »
Data Engineer - Join Our Team and Build Secure, Scalable Data SolutionsWe are searching for an experienced Data Engineer to join our team. This role involves designing and implementing secure, scalable, and cost-effective data solutions using on-premises technologies and cloud platforms (Azure and AWS). You will collaborate with clients and various stakeholders to understand data requirements and deliver high-quality data solutions.
Read more »
Data Analyst - Data as a Service (DaaS)A cutting-edge agricultural technology development company is seeking a Data Analyst to join their Data as a Service (DaaS) team. The ideal candidate will have a strong understanding of data analysis principles and experience working with Azure tools. They will be responsible for researching ideas, devising solutions, and enhancing clients' data requirements through innovative approaches.
Read more »