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Net1 recovers from record low

Dec 06 2012 09:42 Reuters

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Johannesburg - Shares of Net 1 UEPS Technologies [JSE:NT1] recover after plunging nearly 50% in the previous session to a record low. 

Net 1, the payment processor which is also listed on the Nasdaq, faces a corruption probe by the US Department of Justice and FBI. 

The US law enforcement authorities are investigating whether the company bribed South African government officials to secure a contract to roll out systems to provide welfare grants. 

Net 1 shares are up 1.43%t at R35.50 after slumping to a record low of R30 on Wednesday.

 

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