Nkosana Kenneth Makate appears to have told the Constitutional Court that he would not pursue the 18 years of interest on R9.4 billion in Please Call Me revenue share that Vodacom owes him.
Nkosana Kenneth Makate has told the Constitutional Court that he would accept compensation of R9.4 billion from Vodacom for his “buzzing option” idea, effectively foregoing the 18 years of interest granted by the Supreme Court of Appeal .As an alternative, Vodacom has said that if the rulings cannot be overturned, the matter should be referred back to the SCA with a new panel of judges.
Makate said this argument doesn’t hold water, as Vodacom continues to offer Please Call Me to this day, suggesting the idea has value. The apex court also designated Vodacom CEO Shameel Joosub as the deadlock breaker in honour of the original verbal agreement. Crucially, the order instructed Vodacom to use Makate’s models to calculate how much revenue Please Call Me generated rather than Joosub’s. The ruling did not stipulate which of the three models Vodacom should use.
“Vodafone’s 65% shareholding in Vodacom means that it is extremely unlikely that the payment of R9.4 billion would lead to Vodacom’s demise,” said Makate. This includes the part granting him up to 7.5% revenue share and where it mentioned interest per the Prescribed Rate of Interest Act.
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