Net1 UEPS to challenge South African order to pay 316 million Rand in social grants agency case

( March 27, 2018, 22:32 GMT | Official Statement) -- MLex Summary: Net1 UEPS Technologies, a US payments technology company that is the parent of South Africa's Cash Paymaster Services, will challenge a South Gauteng High Court ruling that ordered CPS to pay back 316 million Rand in connection with irregular payments by the South African Social Grants Agency in 2014. Net1, which trades on both US and South African stock markets, had come under investigation by US authorities, but the US Justice Department and Securities and Exchange Commission closed the case without prosecution. Net1 says the payment was for legitimate work. South African NGO Corruption Watch, which brought the case to the court, said the payment was not consistent with the public procurement contract.Statement follows below:...

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Net1 UEPS to challenge South African order to pay 316 million Rand in social grants agency case

Prepare for tomorrow’s regulatory change, today

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