Court victory for Ayo in PIC R4.3bn repayment case

The Companies and Intellectual Properties Commission (CIPC) order issued to the Public Investment Corporation (PIC) to recoup R4.3-billion from Ayo Technology Solutions has been declared unlawful by the Pretoria high court.

In a judgment on Tuesday, the court ruled that the compliance notice issued by the CIPC in February to the PIC should be set aside. The compliance notice was for the PIC to recover its R4.3-billion 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.

The IT company said after receiving the notice at the time that it was, in its view, “incorrect for several reasons”, and that the CIPC had incorrectly stated its revenues.

Ayo Technology Solutions is linked to Cape Town businessman Iqbal Survé, who holds an indirect stake in the company.


The Pretoria high court heard an urgent application last week by AYO in a bid to stop the CIPC from enforcing the compliance notice and to prevent the PIC from complying with the notice. The court on Tuesday also dismissed the CIPC’s counter application.

Ayo was awarded the costs of the case.

Meanwhile the Mpati commission of inquiry, which is currently investigating the PIC’s governance and investment decisions, has focused on the decision by the state run asset manager 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 chief executive Dan Matjila and Survé who is also executive chairperson of Independent Media. — Fin24

This is a developing story and will be updated as more details emerge.

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

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

Related stories

Ace pulls diplomatic strings for Steinhoff-linked pal

If the ANC general secretary has his way, Ithala chair Roshan Morar could soon be an ambassador

Out of our Wits: Should more be done to block club sales?

South African football is in an awkward position where it dare not refuse investment … no matter the cost

An emergency budget needs bold decisions, including a bigger public sector

Choosing this path would create work for many while also building the infrastructure that the country needs

Ayo report: CFO acted in the PIC’s interests

A disciplinary inquiry has cleared Matshepo More of all charges, but she remains suspended

Cigarette sales ban battle looms

Tobacco companies are fighting to lift the ban on cigarette sales, but research shows people are still smoking — and this is feeding the black market

Battle for control of the City of Tshwane is back on

The DA has won a high court victory, but the ANC is taking its campaign for power to the Constitutional Court. All the while, residents are left leaderless and without services
Advertising

Subscribers only

Q&A Sessions: Frank Chikane on the rainbow where colours never...

Reverend Frank Chikane has just completed six years as the chairperson of the Kagiso Trust. He speaks about corruption, his children’s views and how churches can be mobilised

ANC: ‘We’re operating under conditions of anarchy’

In its latest policy documents, the ANC is self-critical and wants ‘consequence management’, yet it’s letting its members off the hook again

More top stories

‘Where the governments see statistics, I see the faces of...

Yvette Raphael describes herself as a ‘professional protester, sjambok feminist and hater of trash’. Government officials would likely refer to her as ‘a rebel’. She’s fought for equality her entire life, she says. And she’s scared of no one

Covid-19 stems ‘white’ gold rush

The pandemic hit abalone farmers fast and hard. Prices have dropped and backers appear to be losing their appetite for investing in the delicacy

Al-Shabab’s terror in Mozambique

Amid reports of brutal, indiscriminate slaughter, civilians bear the brunt as villages are abandoned and the number of refugees nears half a million

South Africa’s cities opt for clean energy

Efforts to reduce carbon emissions will hinge on the transport sector
Advertising

press releases

Loading latest Press Releases…