Net 1 Announces Closure of SEC FCPA Investigation

Net 1

On June 8, Net 1 UEPS Technologies, Inc., a South Africa-based mobile payments company incorporated in Florida, announced that the SEC had closed a FCPA investigation arising out of a contract with the South African Social Security Agency.  The SEC and the DOJ opened parallel investigations in November 2012, and the DOJ investigation remains ongoing.  Net 1 has asserted that the investigation was instigated by one of the losing bidders on the contract.