Net1 must comply with ‘spirit’ of top court’s order, Allan Gray urges
Net1 should publish a comprehensive statement clearly explaining its response to allegations of illegal and improper behaviour, the investment manager says
Allan Gray has welcomed the Constitutional Court’s tightening of supervision over Net1 UEPS Technologies, the parent company of Cash Paymaster Services (CPS), which pays social grants. "We call on Net1 to comply with the spirit of the order," Andrew Lapping, chief investment officer at Allan Gray, said. "As more information around Net1 has become public, we have stepped up pressure on management and our efforts to uncover the truth. We have engaged a third party to help us investigate and have also extended an invitation to civic society and reporters to meet with us and to provide us with any new information that they may have," he said. On Thursday, Allan Gray, which owns 16% of Net1, moved to limit the damage caused by the company’s involvement in the social grants saga, saying it would consider calling a shareholders’ meeting and attempt to remove the board.
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