<SEC-DOCUMENT>0001062993-12-005430.txt : 20130207
<SEC-HEADER>0001062993-12-005430.hdr.sgml : 20130207
<ACCEPTANCE-DATETIME>20121214160444
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001062993-12-005430
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20121214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NET 1 UEPS TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
		IRS NUMBER:				980171860
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27 11 343 2000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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   <TITLE>Net 1 UEPS Technologies, Inc.: Correspondence - Filed by newsfilecorp.com</TITLE>
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    <img border="0" src="corres1.jpg" width="137" height="85"><BR><BR><BR></TD>
    <TD noWrap align=left width="30%"><B>DLA Piper LLP (US)</B>
      <BR>1251 Avenue of the Americas, 27th Floor <BR>New York, New York
      10020-1104 <BR>www.dlapiper.com <BR><BR>Marjorie Sybul Adams
      <BR>marjorie.adams@dlapiper.com <BR><B>T </B>212.335.4517 <BR><B>F
      </B>212.884.8517 </TD></TR>
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  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; </TD>
    <TD align=left width="50%">December 14, 2012 </TD></TR></TABLE>
<P align=justify><B><U>VIA EDGAR</U></B><B> </B></P>
<P align=justify>Securities and Exchange Commission <BR>Office of Global
Security Risk <BR>100 F Street, N.E. <BR>Washington, D.C. 20549-3628 <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >Attention: </TD>
    <TD align=left width="85%">Mr. Pradip Bhaumik </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD align=left width="85%">Mrs. Cecilia Blye </TD></TR>
  <TR>
    <TD noWrap >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left ><B>Re:</B> </TD>
    <TD align=left width="85%"><B>Net 1 UEPS Technologies, Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD align=left width="85%"><B>Form 10-K for the Fiscal Year Ended June 30,
      2012</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD align=left width="85%"><B>Filed August 23, 2012</B> </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD align=left width="85%"><B><U>File No. 000-31203</U></B>
</TD></TR></TABLE>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify style="text-indent: 5%">On behalf of Net 1 UEPS Technologies, Inc. (the
&#147;<B>Company</B>&#148;), we respectfully submit this letter in response to comments
from the staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission
(the &#147;<B>Commission</B>&#148;) received by letter dated December 4, 2012, relating to
the above-referenced filing. </P>
<P align=justify style="text-indent: 5%">In this letter, we have recited the comment from the Staff in
italicized, bold type and have followed the comment with the Company&#146;s response
thereto. </P>
<P align=justify><B><U>Form 10-K for the Fiscal Year Ended June 30,
2012</U></B><B> </B></P>
<P align=justify><B><U>General</U></B><B> </B></P>
<P align=justify><B><I>1. You stated in your letters to us dated March 30, 2009
and May 12, 2009 that your subsidiary, BGS Smartcard Systems AG (&#147;BGS&#148;), now
known as Net1 UTA, had residual contractual obligations to the Iranian Bank
Sarmayeh, which is currently included in the Specially Designated Nationals List
maintained by the U.S. Department of the Treasury&#146;s Office of Foreign Assets
Control. You also stated in your letters that BGS had a continuing distribution
agreement with the Iranian software engineering company, Sinasoft Co. As you
know, Iran is identified by the U.S. Department of State as a state sponsor of
terrorism, and is subject to U.S. economic sanctions and export controls. Your
Form 10-K does not include disclosure regarding your contacts with Iran. Please
describe to us the nature and extent of your past, current, and anticipated
contacts with Iran, whether through direct or indirect arrangements, since your
referenced letters. Your response should describe any products, equipment,
components, technology, or services you have provided into Iran, directly or
indirectly, and any agreements, arrangements, or other contacts you have had
with the Iranian government or entities it controls. </I></B></P>
<P align=justify><B>RESPONSE TO COMMENT 1 </B></P>
<P align=justify>We have been advised by the Company as follows: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


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<P align="justify">
<img border="0" src="corres1.jpg" width="137" height="85"></P>

<P align="justify">
Securities and Exchange Commission <BR>
December 14, 2012 <BR>
Page Two <BR>
</P>
<P align="justify">
The Company refers to its response letters dated March 30, 2009 and May 12, 2009. During fiscal 2010, Net1 UTA, the Company&rsquo;s Austrian subsidiary, recorded revenue of approximately &#36;0.001 million related to the delivery of its remaining
obligations described in the prior response letters. During fiscal 2011, the Company recorded revenue of approximately &#36;0.7 million related to non-refundable deposits received from Bank Sarmayeh in fiscal 2009. The Company ultimately determined
in fiscal 2011 that it was entitled to retain funds and therefore recognized these amounts in revenue. The Company has no further obligations under its contract with Bank Sarmayeh.</P>
<P align="justify">
Except as described in the previous paragraph, the Company has not had any contacts with Iran, whether through direct or indirect arrangements, and it has not provided any products, equipment, components, technology, or services into Iran, directly
or indirectly, nor has it had any agreements, arrangements or other contacts with the Iranian government or the entities it controls.</P>
<P align="justify">
<B><I>2. We note references on pages 15 and 39 to your operations in Latin America, a region that can be understood to include Cuba. Cuba is designated by the U.S. Department of State as a state sponsor of terrorism, and is subject to U.S. economic
sanctions and assets controls. Please describe to us the nature and extent of any past, current, or anticipated contacts with Cuba, whether through direct or indirect arrangements. Your response should describe any products, equipment, components,
technology, or services you have provided into Cuba, directly or indirectly, and any agreements, arrangements, or other contacts you have had with the Cuban government or entities it controls. </I></B></P>
<P align="justify">
<B>RESPONSE TO COMMENT 2 </B></P>
<P align="justify">
We have been advised by the Company as follows: </P>
<P align="justify">
The Company is aware that Cuba is designated by the<B><I> </I></B>U.S. Department of State as a state sponsor of terrorism, and is subject to U.S. economic sanctions and assets controls. The Company has not had any contacts with Cuba, whether
through direct or indirect arrangements, and it has not provided any products, equipment, components, technology, or services into Cuba, directly or indirectly, nor has it had any agreements, arrangements or other contacts with the Cuban government
or the entities it controls.</P>
<P align="justify">
<B><I>3. Please discuss for us the materiality of any contacts with Iran or Cuba that you describe in response to the foregoing comments, and whether those contacts constitute a material investment risk for your security holders. You should address
materiality in quantitative terms, including the approximate dollar amounts of any associated revenues, assets, and liabilities for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of qualitative
factors that a reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities upon a company&rsquo;s reputation and share value. As you know, various state and municipal governments,
universities, and other investors have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state sponsors of terrorism. Your materiality analysis should address the potential
impact of the investor sentiment evidenced by such actions directed toward companies that have operations associated with Iran or Cuba. </I></B></P>
<P align="justify">
<B>RESPONSE TO COMMENT 3 </B></P>

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<P align=justify>Securities and Exchange Commission <BR>December 14, 2012
<BR>Page Three <BR></P>
<P align=justify>We have been advised by the Company as follows: </P>
<P align=justify>The contacts described in Response to Comment 1 were not
material to the Company and were not a material investment risk for the
Company's securities holders. The Company believes it is in compliance with all
applicable laws, rules and regulations administered by the U.S. Office of
Foreign Assets Control. </P>
<P align=center>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; * </P>
<P align=justify>Please call the undersigned at (212) 335-4517, or Mr. Herman
Kotze, the Company&#146;s Chief Financial Officer, Treasurer, and Secretary at +27 11
343 2014, if you have any questions or comments regarding the foregoing or need
any additional information. Thank you. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Very truly yours, </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">DLA PIPER LLP (US) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><U>/s/ Marjorie Sybul Adams</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Marjorie Sybul Adams </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Partner </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Admitted to practice in New York
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">cc: </TD>
    <TD>
      <P align=justify>Dr. Serge C.P. Belamant </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>Herman Gideon Kotze</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Net 1 UEPS Technologies,
Inc.</B></P></TD></TR></TABLE><BR>
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  <TR vAlign=top>
    <TD align=left nowrap  >&nbsp;</TD>
    <TD noWrap align=left width="30%"><B>Net 1 UEPS Technologies, Inc.</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap  >&nbsp;</TD>
    <TD noWrap align=left width="30%">President Place </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap  >&nbsp;</TD>
    <TD noWrap align=left width="30%">4th Floor </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap  >&nbsp;</TD>
    <TD noWrap align=left width="30%">Corner Jan Smuts Avenue and Bolton Road
    </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap  >&nbsp;</TD>
    <TD noWrap align=left width="30%">Rosebank, Johannesburg 2196, South
      Africa </TD></TR></TABLE>
<P align=justify>December 14, 2012 </P>
<P align=justify><B><U>VIA EDGAR</U></B><B> </B></P>
<P align=justify>Securities and Exchange Commission <BR>Office of Global
Security Risk <BR>100 F Street, N.E. <BR>Washington, D.C. 20549 <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Re:</B> </TD>
    <TD align=left width="95%"><B>Net 1 UEPS Technologies, Inc.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>Form 10-K for the Fiscal Year Ended June 30,
      2012</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>Filed August 23, 2012</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B><U>File No. 000-31203</U></B>
</TD></TR></TABLE>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify style="text-indent: 5%">In connection with responding to comments by the Securities and
Exchange Commission (the &#147;Commission&#148;), Net 1 UEPS Technologies, Inc. (the
&#147;Company&#148;) acknowledges that: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>the Company is responsible for the adequacy and accuracy of the disclosure
  in the filing;
  <LI>the staff comments or changes to disclosure in response to staff comments
  do not foreclose the Commission from taking any action with respect to the
  filing; and
  <LI>the Company may not assert staff comments as a defense in any proceeding
  initiated by the Commission or any person under the federal securities laws of
  the United States. </LI></UL>
<P align=justify>Very truly yours, </P>
<P align=justify><B>NET 1 UEPS TECHNOLOGIES, INC. </B></P>
<P align=justify>By: <U>/s/Herman Gideon Kotz&#233;</U>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Herman Gideon Kotz&#233;
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Chief Financial Officer,
Treasurer, and Secretary <BR></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
