PIC commission to continue as key Ayo repayment court order expected

The judicial commission of inquiry into state-run asset manager the Public Investment Corporation (PIC) is set to continue on Monday while a key court judgement affecting Ayo Technology Solutions will also be handed down.

The Pretoria high court heard an urgent interdict last week by Ayo Technology Solutions against the Companies and Intellectual Property Commission (CIPC).

READ MORE: PIC, Ayo and CIPC to meet in court

The CIPC in February issued the asset manager with a compliance notice to recover its R4.3bn investment in the JSE-listed technology company. The PIC was also ordered to recover any interest that may have accrued on the investment within six months, Fin24 previously reported.

The PIC manages assets worth more than R2-trillion on behalf of public servants.

Part of the testimony so far at the commission, which is investigating the PIC’s governance and investment decisions, has focused on the decision by the corporation to take up the full initial public offering of Ayo in December 2017.


The commission, chaired by Justice Lex Mpati, has heard of the close relationship between former PIC CEO Dan Matjila and businessman Iqbal Surve, who holds an indirect stake in Ayo.

The inquiry learned last week that an agreement had been reached to extend the deadline for the PIC to recover the monies from AYO, from 15 days to 60 days.

READ MORE: PIC given more time to recoup R4.3bn Ayo investment

Ayo lodged an application with the high court to stop the CIPC from enforcing the compliance notice and to prevent the PIC from complying with the notice.

Safety concerns

Witnesses set to testify on Monday will only be revealed at the start of the proceedings due to safety concerns.

The commission revealed last month that it had received an anonymous SMS showing death threats had been made to past witnesses and people who had agreed to give evidence at upcoming public hearings.

The judicial commission of inquiry has until April 15 to deliver its final report to President Cyril Ramaphosa. Leader of the United Democratic Movement, Bantu Holomisa, called for more time and resources to ensure the probe is more comprehensive. — Fin24

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Tehillah Niselow
Tehillah Nieselow
Tehillah Nieselow is a Journalist at Power FM. She Covers labour issues, strikes, protests and general stories

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