• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Net 1 tumbles on US govt probe

Dec 05 2012 08:34

Company Data


Last traded 218
Change 1
% Change 1
Cumulative volume 50
Market cap 0

Last Updated: 27-11-2015 at 01:36. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Net1 seals BEE deal

Net1 to bid again for Sassa contract

Sassa extends grants contract

Net 1 earnings drop


Johannesburg - Net 1 UEPS Technologies [JSE:NT1] said the US Department of Justice is investigating whether the company had violated provisions of the Foreign Corrupt Practices Act, sending its shares down 53% to a lifetime low.

The Johannesburg-based company said it received a letter from the DOJ on November 30 informing it that the department and the FBI are investigating whether the company had made corrupt payments to South African government officials to secure a contract with the South African Social Security Agency (SASSA).

One of the company's units won the contract from the SASSA in January, making it the sole provider of social welfare distribution services in South Africa.

The agencies will also investigate if Net 1 violated federal securities laws in connection with statements made in its SEC filings regarding the SASSA contract.

The company also received a letter from the US Securities and Exchange Commission on an investigation initiated against it, Net 1 said in a regulatory statement.

Net 1 said it intends to cooperate fully with the DOJ and the SEC on the investigations.

net 1 ueps technologies


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote