Net 1: Court Says Tender Process Followed By SASSA In Awarding Contract Invalid

(RTTNews) - Net 1 UEPS Technologies Inc. (UEPS) announced the South African Constitutional Court ruled that the tender process followed by the South African Social Security Agency, Or SASSA, in awarding a contract to Net1's subsidiary Cash Paymaster Services (Proprietary) Limited was constitutionally invalid. The Constitutional Court suspended its declaration of invalidity pending determination of a just and equitable remedy. The grant of a just and equitable remedy is reserved pending a further hearing, which has been set for February 11, 2014. The parties have been ordered to submit additional information on affidavit by January 30, 2014.

The Constitutional Court ordered the CEO of SASSA, SASSA and the company to pay costs, including the cost of three counsel, in the High Court, South African Appeals Court and the Constitutional Court to AllPay Consolidated Investment Holdings Limited.