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Net 1 UEPS Technologies (UEPS) Receives Favorable NPA Decision in SASSA Litigation

Go back to Net 1 UEPS Technologies (UEPS) Receives Favorable NPA Decision in SASSA Litigation

National Prosecuting Authority Declines to Prosecute Criminal Charges Against Net1

August 11, 2016 8:30 AM EDT

JOHANNESBURG, SOUTH AFRICA -- (Marketwired) -- 08/11/16 -- Net 1 UEPS Technologies, Inc. ("Net1" or the "Company") (NASDAQ: UEPS) (JSE: NT1) today 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... More