I want R20 billion from Vodacom – Nkosana Makate

Nkosana Makate has filed papers in the North Gauteng High Court to force Vodacom CEO Shameel Joosub to disclose the company’s finances related to the Please Call Me matter.

Makate wants the court to force Joosub to disclose all documentation and financial records he used to arrive at an offer of R47 million for his contribution to the Please Call Me idea.

This case dates back to 2001, when Makate shared his idea for a Please Call Me-type service with his former boss, Phillip Geissler.

Geissler promised Makate compensation for his idea, and after years of legal battles, the matter landed before the Constitutional Court.

The Constitutional Court ruled in Makate’s favour and ordered Vodacom CEO to determine the amount of reasonable compensation payable to Makate.

Joosub offered Makate R47 million as reasonable compensation after considering all aspects of the case.

Makate not happy

Makate responded to Vodacom’s R47-million offer, saying he has not agreed to any payment and that “the amount that the CEO has determined is shocking and an insult”.

Makate said while he appreciates that R47 million for an idea sounds like a lot of money, it is nothing compared to how much Vodacom made from Please Call Me.

Vodacom retorted, explaining that the Constitutional Court order which ordered it to pay Makate does not require him to agree to the amount set by their CEO.

Vodacom said it considered the matter closed, and that Makate’s funds will be transferred as soon as they have his banking details.

Makate now wants R20 billion

He previously said calculations by his team estimate that Please Call Me earned Vodacom R205 billion from 2001.

At the time, Makate said he wanted 5% of the total revenue which Vodacom generated from Please Call Me, with interest, from March 2001.

Based on his calculations this equates to a minimum of R10.25 billion, which will make him one of the richest people in South Africa.

However, the latest reports suggest that Makate now wants R20 billion thanks to interest calculated over an 18-year period.

According to a report in The Sowetan, Vodacom provided “No legitimate basis for the refusal of this information”.

Vodacom responds

Vodacom told MyBroadband that it has received an interlocutory application for further and better discovery of certain source documentation purportedly used by the Vodacom Group CEO.

This documentation relates to Joosub’s role as a judicially sanctioned deadlock breaking mechanism, to determine reasonable compensation payable to Makate.

“Vodacom, cited as a second respondent in the matter, will furnish its comment after studying the contents of Makate’s application,” the company said.

Now read: Saying no to R47 million

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I want R20 billion from Vodacom – Nkosana Makate