Ann Crotty Writer-at-large

Allan Gray, which owns 16% of Net1 moved on Thursday 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. Such a dramatic and unprecedented move could see Serge Belamant losing his position as CEO of the group he founded. On Thursday, Andrew Lapping, chief investment officer at Allan Gray, told Business Day that the investment manager had urged Net1 to make every effort possible to find an interim solution to ensure that grants were paid by April 1. "As shareholders, we would be happy if this meant Net1 forgoing all profits on the extension to ensure it happens," Lapping said. This response is in stark contrast to Belamant’s claim that Net1 subsidiary Cash Paymaster Services (CPS) had to be paid more money for a new contract because his investors were demanding more. Belamant told journalists on the sidelines of Wednesday’s Constitutional Court hearing that he shou...

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