Court orders costs deposit in NYDA case

2011-10-14 10:29
Johannesburg - Two young entrepreneurs who sued the National Youth Development Agency (NYDA) for R36m were ordered to pay the agency R500 000 for costs incurred as a result of the lawsuit, The Times reported on Friday.

South Gauteng High Court Judge Fayeeza Kathree-Setiloane ruled that Samuel Tsolo, 27, and James Zwane, 25, who own software company Wintelligent Technology - could not continue with their lawsuit until they had paid security for costs.

In the event of the security not being finalised timeously, or at all, the agency could be granted leave to make an application for the dismissal of the pair's lawsuit.

She also ordered the two men to pay for the agency's costs for this application.

In March, the pair lodged a R36m claim against the agency after it had reneged on a deal to fund an IT project. The agency allegedly undertook in writing on December 14, 2009 to fund the project, but later withdrew.

The NYDA asked the two men in May to furnish them with security for costs after realising the software company had never traded. The agency said it feared it would not be able to recover its costs from the pair should it win the court action, The Times reported.

Read more on:    nyda

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