Newly appointed Net1 UEPS Technologies CEO Herman Kotze has defended the $8m (about R103m) severance package paid to its founder and former CEO Serge Belamant‚ saying the biggest portion of the settlement related to the shares he owned in the company. Belamant agreed to step down amid a storm of controversy over a contract to distribute billions of rand in grant payments to 10.5-million beneficiaries every month. Addressing the media at Ingeli Forest Resort near Kokstad in KwaZulu-Natal on Thursday‚ Kotze said Belamant had been with the company for decades and that was taken into account in deciding his severance package. “A variety of numbers have been used in the media. All of them are huge numbers. We acknowledge that and we understand that. But I think we need to put it in context that the biggest portion of the settlement or exit package relates to the purchase of the shares that he owns in the company. “And as far as the remainder of the settlement package is concerned‚ this w...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.