Zim Sued for Nearly R123.7m

Former broker lodges claim relating to BEE transaction in Northam Platinum.

- Roy Cokayne

A former stockbroker has summoned prominent South African businessman Lazarus Zim to pay him nearly R123.7 million plus interest for allegedly breaching an agreement linked to a broad-based black economic empowerment (BBBEE) transaction involving JSE-listed Northam Platinum.

According to court documents, Peter Wayne Roberts lodged the claim at the Gauteng High Court in Johannesburg.

Zim, who was Northam Platinum's chair when the deal began in 2014, has indicated through his attorneys that he will defend the matter.

The BEE transaction was finalized on 21 September 2021.

Moneyweb requested comment from Zim via his attorneys. David Kotzen of David Kotzen Attorneys said on Friday they had discussed this matter with their client and, "as the litigation is underway, it is our advice to our client not to comment at this stage".

Zim, a former chair of Mvelaphanda Resources, Kumba Iron Ore, Telkom SA and TransHex Group, has also served as CEO of Anglo American South Africa, managing director of MTN International and president of the Chamber of Mines.