South African Supreme Court of Appeal Rules in Favor of SASSA and Net1
Net 1 UEPS Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) today announced that a full bench of the South African Supreme Court of Appeal ("Appeal Court") unanimously ruled that the tender process followed by the South African Social Security Agency ("SASSA") in awarding a contract to Net1's wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited ("CPS") was valid and legal. Accordingly, the contract between SASSA and CPS to distribute social welfare grants to ten million South Africans every month for a period of five years, remains in full force and effect. The full Appeal Court judgment is available on our website at www.net1.com. The Company may issue further comment on the judgment when it has had sufficient time to study the full document.
- Published: 27 March 2013
- Written by Editor