Exit comes as company prepares to put subsidiary Cash Paymaster Services into business rescue
Pensioners queue to collect their grants at a Sassa pay point in Jeppes Reef, Mpumalanga. Picture: SOWETAN/SANDILE NDLOVUCFO Alex Smith to the role of interim CEO as Herman Kotzé said he would step down in September.
His exit comes as Net1 prepares to put its subsidiary Cash Paymaster Services , which has been ordered to repay hundreds of millions of rand to the social development department, into business rescue, a form of bankruptcy protection that allows a company to delay creditors’ claims against it or its assets while turnaround specialists determine if it can survive.
CPS, which for about five years distributed about R150bn in social grants annually on behalf of the SA Social Security Agency , has liabilities that exceed its assets, Net1 said in its application to the high court to put CPS into business rescue. Net1’s performance has also been affected by its investment in mobile operator Cell C. The operator’s declining fortunes have resulted in Net1 and Blue Label Telecoms, Cell C’s largest shareholders that together hold 60% of its equity, writing their combined R7.5bn investment down to nil.
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