The UK ruling reinforced an order by the South Gauteng High Court in Johannesburg in favour of Gumede in 2006, Business Day reported on Monday.
"I was labelled as a corrupt and dubious person and that damaged my credibility. I lost business opportunities because of unfounded accusations as certain people believed what he [Sterenborg] said," Gumede was quoted as saying.
"This should be a lesson that you cannot accuse people when you are in the wrong yourself. I will recover everything – even if I attach his wheelbarrow."
In 2001, Gumede's company, Guma, bought 100% of Applied Cards Technologies from Sterenborg and his wife Elizabeth for R30-million.
According to Gumede, after he paid for the final tranche of shares in 2001, he learnt that Applied Cards technologies was insolvent and facing a liquidation application, the newspaper reported.
The company, which was producing prepaid card vouchers for Telkom, was later liquidated.
The court battle between Gumede and the Sterenborgs had been going on since 2001. – Sapa