But the state asset manager says it is committed ‘to recover the invested funds without any delay’
The Public Investment Corporation says it will forge ahead with plans to recoup the R4.3bn it invested in Ayo Technology Solutions, despite Ayo being granted a reprieve by the North Gauteng High Court on Tuesday.
In February the Companies and Intellectual Property Commission served the PIC with a compliance notice instructing its directors to recover the investment on the grounds that they had contravened the Companies Act by knowingly causing it harm. Ayo said on Tuesday a judge had ruled in favour of the PIC and declared the CIPC’s notice unlawful. This meant the notice had “no force and effect”.
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