Supreme Court of Appeal rules against SASSA and CPS regarding 2014 implementation cost recovery
Net 1 UEPS Technologies, Inc. (UEPS)
Last net 1 ueps technologies, inc. earnings: 2/6 04:05 pm
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Source: GlobeNewswire
JOHANNESBURG, South Africa, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Net1 UEPS Technologies, Inc. (“Net1” or the “Company”) (NasdaqGS: UEPS; JSE: NT1) today announced that the Supreme Court of Appeal of South Africa (“SCA”) has dismissed the Cash Paymaster Services (Pty) Ltd (“CPS”) application. CPS petitioned the SCA to grant it leave to appeal the March 2018 High Court order, which set aside the agreement between CPS and SASSA and the subsequent payment of ZAR 317 million (R277 million excluding VAT), and ordered CPS to refund the amount with interest from June 2014 to date of payment. As previously disclosed by the Company in June 2014, CPS received approximately ZAR 277 million from SASSA related to the recovery of additional implementation costs it incurred during the beneficiary bulk re-registration process in fiscal 2012 and 2013. After the award of the tender in January 2012, SASSA requested CPS to biometrically register all social grant beneficiaries (including child grant benef
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