ICT veteran Mthunzi Mdwaba has reached a settlement agreement with Tarsus Technologies over a R12 million judgment that has been linked to his removal from the Kelly Group's board.
Tarsus took Mdwaba, Lyndon Barends and Luvuyo Lubobo - partners in the failed Sourcecom venture - to court, after the empowered company failed to pay its debts, and won a summary judgement against the trio last September.
The judgement was against Mdwaba, Barends and Lubobo in their personal capacity as shareholders of Lithalelanga. It has been linked to Mdwaba's removal from the Kelly Group's board, apparently because Kelly was concerned it could tarnish the company's brand if Mdwaba was sequestrated.
Tarsus CEO Pierre Spies has confirmed the company has reached a settlement with Mdwaba, although he cannot disclose the details due to a confidentiality agreement. Mdwaba was expected to pay the amount due at the end of September.
Tarsus Technologies claimed the R12 million from Mdwaba jointly and severally, after empowered company Sourcecom failed a few years ago. Mdwaba and his partners had signed surety for Sourcecom's debts, after the company was bailed out about eight years ago.
Lithalelanga, which was owned by Mdwaba and the two other partners, rescued Sourcecom from liquidation in 2003. However, it failed to secure the R28 million in financing it needed to keep the company going and eventually conceded defeat about two years ago.
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