Net 1 UEPS Technologies (UEPS) Receives Favorable NPA Decision in SASSA Litigation
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Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS) announced that it has been notified that the National Prosecuting Authority has taken a "no prosecution decision" on the criminal charges brought by SASSA against the Company and Grindrod Bank Limited.
On June 15, 2016, SASSA brought criminal charges against the Company and Grindrod Bank for failing to comply with the recently amended Regulations to the Social Assistance Act (the "Regulations"), which SASSA interprets to prohibit the processing of deductions from bank accounts held by SASSA beneficiaries. SASSA's decision to file the criminal charges followed the Company's announcement on June 3, 2016, that it had filed for a declaratory order with the South African High Court to provide certainty on the interpretation of the Regulations. SASSA is opposing the Company's application, which is scheduled to be heard on October 17, 2016.
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