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PIC required to recover R4.3-billion made to Ayo by March 13 | Business | M&G

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The PIC has confirmed that it received a compliance notice from the Companies and Intellectual Property Commission ordering it to recover the capital investment of R4.3-billion made to Ayo Technology Solutions.

Acting company secretary Wilna Louw told the PIC commission on Tuesday that the notice was received on February 21. It states that the PIC is required to recover the capital investment made to Ayo within 15 days from the date of the notice.This should be followed up by written confirmation from the PIC to the CIPC stating that it has recovered the fund invested in Ayo.

The Ayo transaction was found by the PIC’s internal audit department to have blatantly flouted the state asset manager’s governance and approval processes. In a Sens announcement sent out at around 2pm on Tuesday Ayo reiterated that there are no grounds for the PIC to recoup its investment in the company.

 

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