Net1 Understated South Africa Profit to Court, Group Says

1. Net1 UEPS Technologies Inc. , a unit of which distributes welfare payments in South Africa, understated its profit from the government contract in a submission to the country’s Constitutional Court that was audited by KPMG LLP, a report released by a development-economics research agency said.

2. The report adds to criticism of the conduct of both Net1 and the state welfare agency, which put payments of 17 million grants under threat by failing to comply with an earlier court order to find a replacement for Net1.

3. Net1 said it had complied with the court’s order to compile and submit an audited statement of expenses incurred, income received and net profit earned under the completed contract, and that it was only made aware of the AIDC report on Sunday.

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