Net1 UEPS Technologies: Service deal sealed with KSNET boss

Net1 UEPS Technologies Korea had signed a three-year service pact with KSNET chief executive Phil-Hyun Oh, Dhruv Chopra, the head of investor relations at Net1, said yesterday. The deal meant Oh would receive an annual base salary of 405 million South Korean won (R4.3m) and an annual bonus of up to 440 million won over the period, Chopra said. In addition to the perks, Oh was entitled to receive 2 million won for every 1 billion won of free cash flow added during the year. The company pointed out that Oh’s contract might be terminated with or without “justifiable cause”, but if it was terminated without justifiable cause, he would receive his base salary and bonus. Net1 rose 0.82 percent to close at R122.50 yesterday. – Ayanda Mdluli