Confirmed, Net1 has been using grant recipients information

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

To hear more of this discussion, listen below:


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
David Rockefeller (101) leaves behind R42 billion

David Rockefeller (101) leaves behind R42 billion

The last surviving grandchild of Standard Oil founder John D. Rockefeller has died. He was the world’s oldest billionaire.

Meet M-Net Channels Head Yolisa Phahle

Meet M-Net Channels Head Yolisa Phahle

Hear from the person instrumental in driving M-Net’s strategy to showcase local content since 2015.

AmaBhungane lifts the lid on CPS' alleged microloans scheme using Sassa

AmaBhungane lifts the lid on CPS' alleged microloans scheme using Sassa

AmaBhungane investigation has shown how Net 1 uses its subsidiary CPS to sell loans and insurance to social grant beneficiaries.

Allan Gray demands Net1 do the right thing

Allan Gray demands Net1 do the right thing

In a statement released by Allan Gray, Net1 management is being asked to comply with the court ruling and distribute grant money.

Allan Gray: Net1 can't be seen to be benefiting from grants distribution

Allan Gray: Net1 can't be seen to be benefiting from grants distribution

An investigation revealed that Net1 used a secret backdoor to get grant beneficiaries’ information to its subsidiaries.

'CPS markets subsidiaries' products to Sassa beneficiaries'

'CPS markets subsidiaries' products to Sassa beneficiaries'

Amabhungane says it has proof that Net1's subsidiaries use Sassa grantees personal data to sell them insurance and electricity.

There is a crisis at Sassa if a decision is not made today: Pierre de Vos

There is a crisis at Sassa if a decision is not made today: Pierre de Vos

According to CPS, if a contract is not in place by the end of Wednesday, it doesn't guarantee that grants will be paid.

Popular articles
Parents no longer have to travel with children's birth certificates

Parents no longer have to travel with children's birth certificates

The new Home Affairs upgrades to the system include printing parents details at the back of the child's passport.

SA-made Rolkem cake decoration products may not be safe to eat

SA-made Rolkem cake decoration products may not be safe to eat

The UK’s Food Standards Agency issued an advisory, claiming that Rolkem failed to confirm that their ingredients were safe to eat.

KFC South Africa’s Neymar mocking ad… so epic, Nando’s would be proud!

KFC South Africa’s Neymar mocking ad… so epic, Nando’s would be proud!

The South African ad is still trending around the world. Bruce Whitfield interviews branding and advertising expert Andy Rice.

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.