PIC and Ayo reach settlement in battle over 'positive misrepresentations' on R4.3bn investment

The PIC has been locked in battle with Ayo in the Western Cape High Court in an attempt to claw back the billions, plus interest, on behalf of the Government Employees Pension Fund.The Public Investment Corporation and AYO Technology Solutions have reached a settlement over “positive misrepresentations” that led to a R4.3bn investment controversially being scored by AYO in December 2017.

Ayo, part of Iqbal Surve’s embattled Sekunjalo group, resisted the claim, saying the deal had been done lawfully and if set aside by the court it would mean “the inevitable and imminent demise of Ayo”. In its particulars of claim, the PIC said that in conjunction with Ayo’s public listing on the JSE, it undertook a private placement: a private offer to selected potential investors to raise R4.3bn for Ayo. But here, the only real potential investor was the PIC, it said.Independent Media staff, woke to the shocking news that they would only be paid 75% of their salaries, with “the balance of 25%” being “advised during the course of the coming week”.

The decision was communicated to employees via an email from company CEO Takudzwa Hove in the morning. According to insiders who spoke to TimesLIVE anonymously, the decision was made after AYO, the parent company of African Equity Empowerment Investment — owned by Survé, who also owns Independent Media — and other companies under Sekunjalo Investment Holdings, had to repay the PIC.

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