Cash Paymaster Services (CPS) may have to hand back R1bn in profit it is estimated to have made from the social grants contract over the past five years once the Constitutional Court receives and scrutinises CPS’s audited statements for the period at the end of April.
When the court extended the invalidity of the CPS contract in 2013‚ it also ruled that the company was not allowed to profit from the contract.
The firm was ordered to file within 30 days of the contract ending an audited statement of the expenses incurred‚ the income received as well as the net profit earned.
Analysts estimate that CPS made about R1bn profit over the five-year period of the contract.
-Tiso Black Star Group Digital/BusinessLIVE
Full story at BusinessLIVE (http://www.businesslive.co.za/bd/companies/financial-services/2017-03-22-cash-paymaster-services-may-have-to-return-r1bn-profit/)
Cash Paymaster Services may have to return R1bn profit
When the court extended the invalidity of the CPS contract in 2013‚ it also ruled that the company was not allowed to profit from the contract.
The firm was ordered to file within 30 days of the contract ending an audited statement of the expenses incurred‚ the income received as well as the net profit earned.
Analysts estimate that CPS made about R1bn profit over the five-year period of the contract.
-Tiso Black Star Group Digital/BusinessLIVE
Full story at BusinessLIVE (http://www.businesslive.co.za/bd/companies/financial-services/2017-03-22-cash-paymaster-services-may-have-to-return-r1bn-profit/)
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