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Net1: Department of Justice closed FCPA probe

Jaclyn Jaeger | July 31, 2017

Net1 UEPS Technologies, a Johannesburg, South Africa-based provider of alternative payment systems, last week received a letter from the Criminal Division's Fraud Section of the U.S. Department of Justice advising the company that it has closed its investigation concerning possible violations of the Foreign Corrupt Practices Act.

The Department of Justice began its investigation in 2012 after the company was awarded the SASSA national contract in January of that year. According to Net1, the investigation was initiated largely as a result of one of the losing bidders for the contract, Barclays Africa’s subsidiary AllPay Consolidated Investment Holdings, referring unsubstantiated South African press articles to the Department of Justice, alleging or implying that the SASSA tender process was tainted by corruption involving the company's subsidiary, Cash Paymaster Services Proprietary Limited.

These actions resulted in the Justice Department and the Securities and... To get the full story, subscribe now.