The Public Investment Corporation welcomed the decision by the High Court in Pretoria on Tuesday to set aside a compliance notice from the Companies and Intellectual Property Commission compelling AYO Technology to repay R4.3 billion within two weeks.
“The CIPC’s counter application was dismissed on the basis that there was no valid notice to be amended or modified. On the other hand, Ayo’s application to set aside the CIPC notice was rendered moot pursuant to the judgment in favour of the PIC. Earlier a eNCA reporter read an excerpt from the court ruling on Tuesday, which said in part: “The compliance notice issued by the respondent on the 21st February 2019 to the applicants is declared unlawful and of no force or effect.”
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