Allan Gray’s head of investment Andrew Lapping welcomed Net1’s decision to terminate the two-year consulting agreement with former CEO Serge Belamant that would have generated $50,000 a month in fee income for the disgraced executive. Lapping described the move as a "positive development" as it saved costs and indicated the business was happy it did not need Belamant’s input. Although Belamant, who was forced to retire at the end of May, will lose out on a very generous consulting fee, he will not be left penniless. Apart from the consulting agreement, the board announced at the time of his resignation that it had agreed to give him two lump sum payments worth a combined $8m. In addition, it undertook to repurchase his Net1 shares for a value of $11m and pay him an additional $475,000 for his share options. In addition to the $19.5m, Belamant has a £3.3m house just outside London.
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