{"id":177137,"date":"2017-05-31T11:14:47","date_gmt":"2017-05-31T09:14:47","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=177137"},"modified":"2017-05-31T11:14:47","modified_gmt":"2017-05-31T09:14:47","slug":"net1-to-pay-serge-belamant-r650000-per-month-to-consult","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/177137\/net1-to-pay-serge-belamant-r650000-per-month-to-consult\/","title":{"rendered":"Net1 to pay Serge Belamant R650,000 per month to consult"},"content":{"rendered":"<p>Net1 UEPS Technologies says it has agreed to pay founder and CEO, Serge Belamant, an $8 million severance payment after he stepped down earlier this month amid controversy over the company&#8217;s management of its contract with the <em>SA<\/em> Social Security Agency (Sassa).<\/p>\n<p>Belamant will also earn a $50,000 a month consultancy fee from the company for\u00a0 a two-year period, following his early retirement earlier this month, the company said in a disclosure to the <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1041514\/000106299317002722\/form8k.htm\" target=\"_blank\" rel=\"noopener noreferrer\">US Securities and Exchange Commission<\/a> on Tuesday.<\/p>\n<p>Net1 also agreed to buy back in excess of one million shares he owns at $10.80 a share.<\/p>\n<p>Net1 initially won a contract in 2012 to distribute grants in South Africa, but was later ruled invalid, with Sassa instructed to find a new provider.<\/p>\n<p>It failed to do so however, and when the company&#8217;s contract expired at the end of March, the Constitutional Court was forced to extend the contract because there was no other viable delivery option.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/business\/176501\/net1-ceo-to-retire-after-state-grant-controversy\/\" target=\"_blank\" rel=\"noopener noreferrer\">Net1 CEO to retire after state grant controversy<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Net1 UEPS Technologies says it has agreed to pay founder and CEO, Serge Belamant, an $8 million severance payment after he stepped down earlier this month.<\/p>\n","protected":false},"author":10,"featured_media":19012,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[25,3714],"class_list":["post-177137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-active","tag-net1"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/177137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=177137"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/177137\/revisions"}],"predecessor-version":[{"id":177141,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/177137\/revisions\/177141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/19012"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=177137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=177137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=177137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}