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

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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PIC given more time to recoup R4.3bn Ayo investmentEvidence leader advocate Jannie Lubbe told the Mpati commission that the CIPC has agreed on an extension of the time limit for the PIC to recoup the irregular R4.3-billion paid to Ayo Investment Technology from 15 days to 60 days.
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#PICInquiry: FSCA debars ex-PIC execs implicated in VBS scandal | IOL Business ReportThe PIC executives on the board were implicated in the VBS Bank saga, which raised a red flag and had to be debarred from VBS activities. Leaving the elephant in the and continued chasing a rat.
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