South Africa high court rules Net 1 UEPS tender must be rerun
The Constitutional Court of South Africa ruled that a contract awarded to Net 1 UEPS Technologies must be canceled and a new tender must be run, according to a ruling posted to the court's site. In the order, the court wrote, "The tender – one of the largest in South Africa’s history – was for the provision of social grants to approximately 15 million beneficiaries. The merits judgment held that the tender awarded to Cash Paymaster Services Ltd by the South African Social Security Agency, or SASSA, was unlawful...In today’s unanimous judgment, written by Froneman J, the Court declared the contract between SASSA and Cash Paymaster for the payment of social grants invalid and ordered that the tender process be re-run." Shares of Net 1 are down 30% in pre-market trading following the ruling. Reference Link :theflyonthewall.com
