Allan Gray doesn't want CPS to profit from new social grants contract

Allan Gray chief operating officer, Rob Dower, says pulling out of their investment in Net1, the parent company of Cash Paymaster Services (CPS) won't be the right thing to do.

Allan Gray owns 16% of Net1, and has been accused of benefiting from illegal deductions and selling of airtime, insurance, loans from grant beneficiaries. Allan Gray has asked that this practice be stopped for now.

On Thursday, CPS CEO, Serge Belamant, said shareholders expect 30% or 40% profit from the new contract with the South Africa Social Security Agency (Sassa) to pay social grants from 1 April.

We would be very happy if the company made no profit at all from the extension of the contract.

Rob Dower, Allan Gray COO

His [Belamant] comments around the Constitutional Court have been insensitive.

Rob Dower, Allan Gray COO

Listen to the full interview with Rob Dower below...

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