After fighting for 15 years to get his name cleared, the guy, who has not been named, received the payout. "Life-changing" is how his attorneys characterised the result.

Due to faulty Horizon software that created the impression that money had vanished from their branches, almost 900 postmasters in the UK were falsely charged with theft. The individual was charged with fraud in relation to a company he operated until the early 2000s.

On legal advice, he first entered a guilty plea to seven charges of fraudulent accounting.

The individual was sentenced to a suspended prison term and forced to reimburse the Post Office £1,500. However, his convictions were overturned in September following the discovery of computer system weaknesses.

Some have called the controversy one of the biggest injustices in British history. The man's attorneys filed a claim for damages under the Horizon Convictions Redress Scheme. He will receive £200,000 to compensate for the erroneous convictions, it was revealed today.

Victoria Trainor, a lawyer at KRW Law, asserted that money cannot erase the stigma her client experienced.

"It is depressing that a totally innocent man devoted to his work and family was fitted up for a crime he didn't commit," she stated.

"He should be able to hold his head up high but he can’t because even after all this time some of his family are still unaware of what he’s been through."

Ms. Trainor went on to say: "These poisonous beliefs have impacted every aspect of his life, keeping him from advancing in any industry and denying him access to certain positions, which has tragically had an impact on his mental health.

"The Post Office hierarchy responsible for this injustice debacle should forever hang their heads in shame."