Controversy pays: New Net1 CEO defends Belamant’s $8m golden handshake
Herman Kotze says the biggest portion of his predecessor’s severance package relates to shares he owned in the company
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.