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Medscheme wins 17-year-old legal battle
AfroCentric Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: ACT ISIN: ZAE000078416
("AfroCentric")
Medscheme wins 17-year-old legal battle
AfroCentric is pleased to inform shareholders that after navigating a 17-year-long arbitration
process, Medscheme, an AfroCentric Group Company, has welcomed an arbitrator's
decision to dismiss all the claims brought against it by software developer, Neil Harvey &
Associates (NHA), as baseless.
The arbitrator also awarded costs in Medscheme's favour.
NHA's claims arose out of a Confidentiality Agreement and Software Licence Agreement
concluded with Medscheme in 2003 and in 2004, respectively.
NHA launched proceedings against Medscheme and others in 2007 claiming damages on
multiple causes of action, including fraudulent misrepresentation, unlawful competition, and
emulation of software functionality. The total quantum of the claims was initially
approximately R80 million but over the years the claims grew vastly in quantum and scope
and at one stage exceeded R2 billion.
Management is pleased with the outcome of the matter as it confirms the integrity of the
Group's practices and processes.
Johannesburg
27 March 2024
JSE Sponsor to AfroCentric
Questco Corporate Advisory Proprietary Limited
Date: 27-03-2024 10:00:00
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