south african flag from the constitutional court
Image via Wikipedia March 25, 2011

JOHANNESBURG, SOUTH AFRICA- Net1 UEPS Technologies Inc. (“Net1” or “the Company”) (NASDAQ:UEPS)(JSE:NT1) today announced that its wholly owned subsidiary, Cash Paymaster Services (Proprietary) Limited (“CPS”), intends to apply for leave to appeal the South African Supreme Court of Appeal’s recent judgment on March 11, 2011, which overturned a lower court judgment delivered on December 10, 2009, prohibiting the South African Social Security Agency (“SASSA”) from contracting the South African Post Office (“SAPO”) to render banking or payment services relating to social grant beneficiaries. The lower court, the North Gauteng High Court, had ruled in a suit commenced against SASSA by CPS that SASSA had not followed a proper procurement process to comply with the South African Constitution and the Public Finance Management Act (“PFMA”) when the previous executive management team at SASSA contracted with SAPO for the payment of grants in 2009. Read more