IRREGULAR SASSA EXPENDITURE
Net1 to appeal against ruling that CPS pay back R316m to the fiscus
Net1 UEPS will appeal against an order by the High Court in Pretoria that its subsidiary Cash Paymaster Services (CPS) pay back R316m with interest to the government. Cash Paymaster Services (CPS) has been ordered to pay back to the government R316m plus interest accrued since June 2014 The share price of CPS’s JSE-listed owner, Net 1 UEPS, fell 4% to R121.92 on Friday, following the judgment. The R316m in "irregular expenditure" was paid to CPS by the government agency responsible for disbursing welfare grants, the South African Social Services Agency (Sassa). "As a result of Sassa’s unlawful conduct, the fiscus has been robbed of a substantial amount of money intended for the most vulnerable and poor people of our country," Judge Moroa Tsoka noted in the judgment on Friday. "It is just and equitable that the payment of R316m made by Sassa to CPS, together with interests, be returned to the fiscus for the benefit of those for whom it was intended in the first place," he said. Net1 ...
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