Net1 brings in the big guns
We asked Net1 CEO Herman Kotze whether the firm, with its new equity partner, activist shareholder Value Capital Partners, is hoping to secure more public sector work again
The news that Jabu Mabuza, former Eskom chair, was joining payments firm Net1 was met with some degree of suspicion: was this the company’s way of rehabilitating itself in the public eye? Net1, after all, owns Cash Paymaster Services (CPS), the payment systems firm at the heart of the SA Social Security Agency (Sassa) grants scandal. We asked Net1 CEO Herman Kotze whether the firm, with its new equity partner, activist shareholder Value Capital Partners (VCP), is hoping to secure more public sector work again.
HK: I know that is a question that the cynics will ask. Obviously this process was done with full consideration of what people would think or say, but in the end the key was to find … a group of new directors that could come in to refresh the board. In Jabu’s case we think that he has the credentials in dealing with turnaround situations. Certainly from that point of view he has a very impressive track record; he’s not scared of dealing with matters that need to be dealt...
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