How Allan Gray lay down with dogs and got up with fleas

How Allan Gray lay down with dogs and got up with fleas

Allan Gray, one of South Africa’s finest and most successful asset managers, has recently had to stave off some fairly sharp criticism due to its investments in Net1 Universal Electronic Payment System Technologies (UEPS), whose subsidiary company, Cash Paymaster Services, was irregularly contracted by the Department of Social Security to distribute billions of rands in social grants each month.

Faced with continuing controversy, Serge Belamant, NET1’s CEO, is to depart with severance pay of R263 million.

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