Net 1 Ueps Technologies Inc. (UEPS) Investigated by DOJ

December 4, 2012 9:28 AM EST Send to a Friend
On November 30, 2012, Net 1 Ueps Technologies Inc. (Nasdaq: UEPS) received a letter from the U.S. Department of Justice, Criminal Division (the “DOJ”) informing them that the DOJ and the Federal Bureau of Investigation have begun an investigation into whether Net 1 UEPS Technologies, Inc. and its subsidiaries, including their officers, directors, employees, and agents (collectively, “Net 1”) and other persons and entities possibly affiliated with Net 1 violated provisions of the Foreign Corrupt Practices Act and other U.S. federal criminal laws by engaging in a scheme to make corrupt payments to officials of the Government of South Africa in connection with securing a contract with the South African Social Security Agency to provide social welfare and benefits payments and also engaged in violations of the federal securities laws in connection with statements made by Net 1 in its SEC filings regarding this contract.

On the same date, the company received a letter from the Division of Enforcement of the Securities and Exchange Commission (the “SEC”) advising us that it is also conducting an investigation concerning our company. The SEC letter states that the investigation is a non-public, fact-finding inquiry.


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