Net1 has come out with guns blazing in a bid to "set the record straight", releasing a Sens announcement and links to 23 documents that it claims prove that accusations against the group have no merit. The documents, which include court rulings, relate to its controversial South African Social Security Agency (Sassa) contract to distribute social grants to 11-million recipients. The information was either released too late on Friday or failed to convince investors as the share price slumped 4% in small volumes, to close at just more than R140. Net1 said in its Sens statement that it had noted with concern, "the ongoing, repetitive and false accusations regarding our business practices, particularly those pertaining to the distribution of social grants through our subsidiary Cash Paymaster Services (CPS) and the provision of financial services through our various wholly owned subsidiaries, including Moneyline and Smart Life". Net1 was convinced that the accusations had no merit. Its ...
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