PIC and Ayo Technology win case as attempts to recoup R4.3bn declared unlawful

From one extreme to the other – Ayo’s then CEO Kevin Hardy used a vuvuzela to amplify the noise around the company when it listed on the JSE in December 2017. Picture: MoneywebAt the High Court in Pretoria on Tuesday, a case against the Public Investment Corporation and AYO Technology Solutions was dismissed with costs.

The CIPC issued a notice in an attempt to recoup R4.3 billion in investment it made into Ayo Technology Solutions in 2017. In December 2017, the PIC, which manages the pensions of thousands of government employees, amounting to more than R2 trillion, decided to invest R4.3 billion in AYO Technology Solutions.

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JUST IN: Court victory for AYO in PIC R4.3bn repayment caseThe Companies and Intellectual Properties Commission's order against the Public Investment Corporation to recoup R4.3bn from AYO Technology Solutions has been declared unlawful by the Pretoria High Court. Fin24 There goes our tax ...corruption wins!! corruption wins!! corruption wins!! corruption wins!! Long Live Corruption Fin24 FFS!!!!
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AYO Technology compliance notice set asideRegulators wanted Ayo to repay nearly R4.3-billion, within a matter of weeks.
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