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AYO, PIC and CIPC in courtroom showdown | IOL Business Report

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AYO, PIC and CIPC in courtroom showdown

PRETORIA – It was a showdown at the North Gauteng High Court in Pretoria on Wednesday, between Ayo Technology Solutions , the Public Investment Corporation and the Companies and Intellectual Properties Commission .

The compliance notice issued by CIPC was to instruct the directors of the PIC to recover its R4.3 billion investment into AYO. Marcus contended that the CIPC claimed in its issuing of the notice that the PIC board had made a decision to invest in Ayo Technology Solutions. This was factually incorrect as the decision to invest in AYO was taken through the PIC’s corporate structures.

 

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