Pep owner faces backlash over R21-billion fintech deal

Pepkor's R21-billion fintech deal has sparked a backlash among directors, who voted against the merger of its Flash arm with Shop2Shop. The objections centered on the lack of investor involvement and concerns over CEO Pieter Erasmus's potential financial conflict of interest. As Pepkor pushes into financial services, governance concerns surrounding the deal raise questions about the company's ability to navigate this new growth area without compromising its interests.