Court Declares PIC Compliance Notice To Recover R4.3bn From Ayo Unlawful

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The High Court in Pretoria has declared a compliance notice to the Public Investment Corporation (PIC) to recover R4.3 billion from Ayo Technology Solutions as unlawful.

In February, the Companies and Intellectual Property Commission (CIPC) issued the order to the PIC to retrieve all the money invested in Iqbal Survé’s Ayo Technologies.

Ayo challenged this order and on Tuesday was successful.

The CIPC issued a compliance notice to the directors at the PIC last month demanding the recoup of the R4.3 billion invested in Ayo Technologies together with interest for six months.

This controversial investment had been at the centre of the PIC commission of inquiry, with evidence heard that the shares were sold at an inflated rate and that top executives, including former CEO Dan Matjila, tried to push the deal through.

Ayo said after receiving the notice it believed that it was “incorrect for several reasons”, and that the CIPC had incorrectly stated its revenues.

The High Court agreed with the company.