Ayo Technologies has served summons on one of its largest shareholders, the Public Investment Corporation , for billions of rand.
An article published on Independent Media's Business Report website on Wednesday evening confirmed the information and technology holding company, which is indirectly controlled by Iqbal Survé, is suing the PIC. Business Day has been able to independently verify that Ayo has served summons on the PIC in the Western Cape High Court but was not able to establish the quantum of the damages being sought.
The PIC invested R4.3bn in Ayo in December 2017, a deal that subsequently garnered controversy as details of the irregular process the asset manager followed came to light in media reports and at the commission of inquiry being chaired by retired judge Lex Mpati. “The conduct of the PIC and former executives of Ayo who testified at the PIC commission of inquiry, has resulted in Ayo struggling to conclude transactions and do its business in an unhindered manner. This, in turn, has significantly prejudiced Ayo, its employees, customers, shareholders, advisers and business relationships," Ayo chair Wallace Mgoqi is quoted by Business Report as saying.
Now down to I sue you, you sue me.
Whoa....
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