Net 1 UEPS: CPS social grants accusations 'false,' 'have no merit'
Net 1 UEPS Technologies said it has "noted with concern the on-going, repetitive and false accusations regarding our business practices, particularly those pertaining to the distribution of social grants through our subsidiary Cash Paymaster Services, and the provision of financial services through our various wholly-owned subsidiaries, including Moneyline Financial and The Smart Life Insurance Company Limited." Net 1 UEPS said that it is "convinced that these accusations have no merit." "In order to ensure that our business practices comply with applicable law, our Board relies on our internal controls and procedures, the supervision of our compliance department, and the reports that our Board regularly receives from KPMG, our internal auditors. After two of our largest shareholders recently publicly encouraged us to procure an external review of our business practices to determine the truth or falsity of the accusations made against us; our Board concluded that such a review would assist us in setting the record straight. We therefore engaged KPMG to conduct a review specifically focusing on our business practices and to provide us with a factual findings report that addresses the accusations made against us. The KPMG report has been supplemented by confirmations from a supplier and legal opinions from our legal advisors." "As a U.S. company with a primary stock exchange listing on NASDAQ, we are subject to rigorous corporate governance and disclosure standards and anti-corruption laws," the company added. "Our corporate governance practices are described in detail in our annual proxy statement, which together with our corporate governance documents, are available on our website."