Research by investment firm Allan Gray has confirmed that Net1 has been using the information provided by grant recipients resulting in unlawful deductions.
Yoni Bass, Chief Financial Officer at Equal Education says the research done by Allan Gray on grant deductions has confirmed what their members have been complaining about for months.
He says they welcome a decision by Allan Gray to stay with Net1 and try to persuade this to change before considering selling.
Allan Gray holds 16% of Net1.
If that does not bear fruit then it is a clear indication what good corporate governance in this situation is, that would be to disinvest from Net1 and move on.— Yoni Bass, Chief Financial Officer at Equal Education
In fact we've been promised that they will do that if they don't see any progress.— Yoni Bass, Chief Financial Officer at Equal Education
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This article first appeared on CapeTalk : Confirmed, Net1 has been using grant recipients information