JOHANNESBURG, March 17 Investment company Allan
Gray said on Friday its 16 percent stake in Net1
allowed it to call a shareholders' meeting over the
company's handling of the South African welfare contract, local
"Sixteen percent allows us to call a shareholders' meeting,"
Allan Gray Chief Operating Officer Rob Dower told Talk Radio
Chief investment officer Andrew Lapping was quoted in the
Business Day newspaper as saying Allan Gray could push for the
removal of the Net1 board.
South Africa's Constitutional Court was set to rule on
Friday in a case concerning the unlawful tender of a contract to
Net1 unit Cash Paymaster Services (CPS) to manage welfare
benefits to 17 million people.
(Reporting by Ed Stoddard; Editing by Subhranshu Sahu)