The Public Investment Corporation and the JSE-listed company AYO Technology Group are taking the Companies and Intellectual Properties Commission to court.
However, the PIC and AYO have hit back by asking the North Gauteng High Court to intervene on an urgent basis and declare the notice unlawful. “The consequence of non-compliance with a compliance notice is that the PIC and its board are non-compliant with the Companies Act. The PIC manages almost R2 trillion in investments, mostly on behalf of the Government Employees Pension Fund. Its holdings constitute approximately 12.5% of the market cap of the Johannesburg Stock Exchange.
Had the CIPC cared to give notice of its intended findings and decision prior to issuing the notice, he said, the PIC would have advised it of the “correct facts” and the processes underway, which would have or ought to have materially influenced its decision.Mkhwanazi further argued the notice was based “on a material error of fact”.
“Despite these dire consequences for AYO, it was neither consulted nor afforded a hearing prior to the issue of the notice.
PIC shares only worth R1.7 billion (down from R4.7 billion) Glad I don’t work for the government
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