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Manyatshe's legal team had argued that his rights to privacy, dignity and reputation should outweigh the M&G's right to free speech.
But Snyders disagreed, ruling that the media has a constitutional duty to assist in uncovering wrongdoing and bringing it to the attention of the public.
Snyders said that the seriousness of the allegations against Manyatshe, his failure to give a proper response to the Mail & Guardian or in his version to the court, and his public stature "persuades me of the reasonableness" of publishing the exposé.
Said Mail & Guardian associate deputy editor Nic Dawes, "We are delighted with the outcome, not only because it enables us to tell a story that we think is important, but because it helps to reaffirm the constitutional role of a free media as an agent of the democratic process."