Serge Be­la­mant parts ways with Net1 UEPS

The Star Early Edition - - BUSINESS REPORT -

JSE-LISTED Net1 UEPS Tech­nolo­gies yes­ter­day ter­mi­nated a two-year con­sult­ing con­tract with its con­tro­ver­sial for­mer chief ex­ec­u­tive Serge Be­la­mant. The com­pany said it had man­aged a smooth tran­si­tion since Be­la­mant’s re­tire­ment in May and saw no value in con­tin­u­ing with his con­sult­ing ser­vices. “We dis­cussed our de­ci­sion with Mr Be­la­mant, who con­curred with our con­clu­sion,” said Net1 chair­per­son Christo­pher Seabrooke. Be­la­mant, the Net1 founder, courted con­tro­versy at the height of the so­cial grants cri­sis in March when he said that CPS was the only ser­vice provider that could de­liver pay­ment of the grants to 17 mil­lion re­cip­i­ents un­less the gov­ern­ment con­sid­ered send­ing pi­geons to de­liver the cash. The com­pany later said he would re­sign in­stead of re­tir­ing to al­low changes at the top af­ter share­hold­ers, par­tic­u­larly Alan Gray, ex­pressed anger at his com­bat­ive lead­er­ship style. It was later agreed that he would serve the com­pany for the next two years in a con­sult­ing ca­pac­ity. “Our part­ing is cor­dial and we wish him suc­cess in his fu­ture en­deav­ours,” Seabrooke said yes­ter­day. – Staff Re­porter

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