Net1's R1 billion profit only covers cash accounted for, says Black Sash
Black Sash says it suspects there are larger profits social grant payment provider Net1 which yet to be accounted for by Cash Paymaster Systems (CPS) or the South Africa Social Security Agency (Sassa).
Over the past five years CPS recorded a pre-tax profit of R1.1-billion from paying social grants on behalf of the government, the court has learnt.
Black Sash spokesperson Evashnee Naidu says the company should not have made such profit margins from giving out social grants.
A company that's doing a state of organ function should not be benefiting or making any profits out of contracts like this.Evashnee Naidu, KZN regional manager of Black Sash
Naidu says that the R1.1-billion profits are only related to the grants payments and do not begin to cover the the loans, airtimes and other controversial deductions made from Net1's subsidiaries.
It's very scary.. We're still interrogating the amounts that have been verified.Evashnee Naidu, KZN regional manager of Black Sash
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This article first appeared on CapeTalk : Net1's R1 billion profit only covers cash accounted for, says Black Sash
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