NTT UK boss sued for $17m
January 31, 2023
By Chris Forrester
Japan communications and multimedia giant NTT is suing its former UK CEO Jason Goodall over an alleged “secret financial interest” in NTT’s acquisition by Johannesburg-based Identity Fund Managers of NTT-owned Dimension Data. The allegation is being heard in the UK High Court.
Goodall in 2019 approved the sale of Dimension Data’s significant headquarters in Johannesburg suburbs at “significantly less” than its correct value to a majority black women-owned financial fund, Identity Fund Managers, in which it is alleged Goodall had either already invested or at least had a plan in place to invest, NTT stated in its action.
“Goodall and the other executives’ conduct in arranging and acquiring their interests in the Identity Fund and concealing and failing to disclose those interests amounts to gross misconduct involving dishonesty,” NTT’s lawyers said in its filing to the Court.
Goodall’s alleged “fraudulent misrepresentation” has prompted a claim that he repay US$17.6-million (Rand 305-million) which he received as part of his retirement package in 2021, argued NTT and Dimension Data in the legal action. Last week the UK high court allowed NTT to serve Goodall the court documents, and thus starting the action.
Dimension Data was South Africa’s biggest listed technology stock before a 2010 buyout by NTT. Dimension Data is reportedly suing several other officials of the company for their alleged participation in the transaction.