The court battle between the Public Investment Corporation and Ayo Technology Solutions has come to a quick end. Moneyweb PIC
The court battle between the Public Investment Corporation and Ayo Technology Solutions has come to a quick end with the signing of a settlement agreement branded as “confidential” for the time being. The PIC set out to recover the R4.3 billion it invested in Ayo in 2017 – plus interest, which would have upped the total claim to more than R7 billion.
PIC inquiry: Fears of repercussions for Ayo witness Public pressure The PIC will face public pressure to disclose the terms of the settlement, because taxpayers are ultimately exposed in making good any losses due to bad investments and whatever is stolen through corruption from state employee pension funds. The PIC subscribed for shares in Ayo on behalf of the Government Employees Pension Fund .
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