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Net1 shares tank on govt bribe probe

Dec 05 2012 13:01 Reuters

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Johannesburg - Net1 UEPS Technologies [JSE:NT1] has lost nearly half of its value on the JSE after the payment processor said the US Department of Justice and the FBI has launched a corruption probe against it.

Net1, which is also listed on the Nasdaq, is down 45% at R37, after earlier slumping to R30, it lowest level on record.

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, the company says in a statement.

Net1 said earlier it intends to cooperate fully with the investigations.

Net1's unit Cash Paymaster Services is the sole provider of grants distribution services to about 10 million recipients in South Africa.

 
net1 ueps technologies  |  fraud  |  corruption

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