By Alec Hogg
A good friend who earns her crust consulting to big companies reckons people are fundamentally good.  And says there is nothing inherently wrong with corporations. But together – it’s toxic. Net1’s founder and CEO Serge Balamant would surely subscribe to that view.
Winning the SA State’s tender to pay monthly grants to 10m social welfare recipients ushered in a legal nightmare for Net1. As its shares are listed in the US, the loser’s accusations of bribery and corruption triggeredÂ
Some years and $15m in legal fees later, both the SEC and the Hawks have closed their investigation without finding any wrongdoing. But some of the mud has stuck, with Net1 shares rated a quarter the level of similar tech stocks. Belamant refused to submit a bid in the subsequent tender. Neither did his accuser. Talk about the ugly face of capitalism.
