Behind the PIC’s secret settlement with Ayo Technology

📆 3/30/2023 12:21 AM
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Veil of secrecy soon to be lifted if asset manager’s board has its way

Legal opinion provided to the Public Investment Corporation advised it to settle its long-standing dispute with Ayo Technology Solutions, saying the prospects of recouping its R4.3bn investment in the company in 2017 were grim.

Attorneys told the PIC there were several obstacles that hampered the chances of success in a lawsuit it brought against Ayo, which is indirectly controlled by Independent Media owner Iqbal Survé...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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