The JSE has been awarded R1.3 million in damages after it successfully argued that a contractor appointed to install an asset management IT system had ripped it off.
The bourse took closed corporation Quispiam, its head Antony van Til and former employee Dana van den Berg to court over allegations that Van den Berg had colluded with Quispiam to make sure the closed corporation was awarded a deal to implement an IT system to handle the JSE's assets.
In the recent South Gauteng High Court judgement, the court found in favour of the bourse, ordering Quispiam, Van Til and Van den Berg to pay it R1.32 million, interest from June 2011, and costs.
The JSE argued the services it paid for were never delivered, and that Van den Berg had used his authority as head of supplier and asset management to ensure invoices were paid, despite the fact that the prices it was charged were inflated.
In addition, the JSE alleged the three defendants' collusive conduct around the deal, to provide expert IT asset management services between 2009 and 2011, also involved a conflict of interest because its employee was married to a woman who subsequently took up employment with the labour broker.
The bourse argued that Van den Berg's wife was just a conduit through which the head of supplier and asset management would receive backhander payments.
A total amount of R1.9 million was paid to Quispiam, and the company argued it had delivered against the contract. However, the bourse stated it did not receive the bulk of the services, and that the people charged with delivering the system were unable to do so.
Neither the JSE nor Van Til would comment.
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