COMPANY NEWS IN BRIEF

MTN denied access to records in R12m fraud caseThe South Gauteng High Court in Johannesburg has denied MTN access to financial records in a case against its former executive Robert Madzonga and lawyer Nozuko Nxusani, along with her namesake firm, who are accused of defrauding the telecoms company of R12.3 million over a decade ago.Madzonga, who is MTN SA’s former chief corporate services officer, is also the former COO of VBS and CEO of its parent company Vele Investments, and is one of the accused in the looting of the mutual bank.MTN, which is trying to recover the funds in a civil case, approached the high court to compel discovery of Nxusani's and her firm's accounts, ledgers, VAT returns and audited financial statements to assist it in proving its case.The fact that there are parallel civil and criminal cases concerning the alleged MTN fraud was important in determining the ruling, Judge Stuart Wilson found on Tuesday."I do not think that I can allow MTN in this case to secure by means of civil discovery proceedings evidence that may clearly tend to incriminate the second and third respondents [Nxusani and her firm] if it is produced in the criminal proceedings currently pending against them," the judge ruled.-Fin24

COMPANY NEWS IN BRIEF

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Republikein 2025-11-05

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