Prominent businessman Lazarus Zim has been summonsed by a former stockbroker to pay him nearly R123.7m plus interest, for allegedly breaching an agreement linked to a broad-based black economic empowerment (B-BBEE) transaction involving JSE-listed Northam Platinum.

According to court documents, Peter Roberts lodged the claim at the Gauteng High Court (Johannesburg) and is seeking judgment against Zim for the R123,690,615 payment, interest on this amount at 7% per annum from 21 September 2021 to date of payment, as well as costs and any alternative relief.

Moneyweb reports that 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 finalised on 21 September 2021. 

Roberts claims he entered into an oral agreement with Zim in March 2014, related to the Mining Charter requirement that Northam Platinum must have at least 26% BEE ownership.

At the time, Northam Platinum no longer complied with the Mining Charter after an earlier BEE deal collapsed.

Roberts alleges that had Zim complied with their agreement, he would have received R123,690,615 on 21 September 2021.

Full Moneyweb report