Allan Gray outraged at Belamant's golden handshake

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CEO of Net1 UEPS Technoologies, Serge Belamant. (Supplied)
CEO of Net1 UEPS Technoologies, Serge Belamant. (Supplied)

Johannesburg - Allan Gray,  Net1’s second-biggest shareholder, said on Wednesday it notes with outraged the financial settlement claimed by Serge Belamant upon his retirement as CEO.

This comes after Net1 UEPS Technologies said on Tuesday it has agreed to pay its founder and chief executive officer $8m (R105m) and about a 14% premium on his shares after he agreed to step down amid a storm of controversy over a contract it holds to distribute billions of dollars of welfare payments to 17 million people.

Belamant will also be paid $50 000 (R655 500) a month to consult for the company after his early retirement, the company said in a disclosure to the US Securities and Exchange Commission on Tuesday.

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