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Supreme Court of Appeal rules against Net 1 UEPS Technologies unit's application

The Supreme Court of Appeal of South Africa dismissed Cash Paymaster Services (Pty) Ltd.'s application for leave to appeal the March 2018 High Court order.

Net 1 UEPS Technologies Inc.'s unit was ordered to repay 317 million South African rand plus interest from June 2014 to the date of payment, to the South African Social Security Agency.

Net 1 UEPS Technologies expects to delay the filing of its Form 10-K for the year ended June 30 due to these proceedings as it assesses the potential impact on its financial statements.

As of Sept. 30, US$1 was equivalent to 15.16 South African rand.