JUST IN: Court victory for AYO in PIC R4.3bn repayment case

The Companies and Intellectual Properties Commission order issued to the Public Investment Corporation to recoup R4.3bn from AYO Technology Solutions has been declared unlawful by the Pretoria High Court.

In a judgment on Tuesday, the court ruled that the compliance notice issued by the CIPC in February to the PIC should be set aside. The compliance notice was for the PIC to recover its R4.3bn investment in the JSE-listed technology company. The PIC was also ordered to recover any interest that may have accrued on the investment within six months, The IT company said after receiving the notice at the time that it was, in its view,"incorrect for several reasons", and that the CIPC had incorrectly stated its revenues. AYO technology solutions is linked to Cape Town businessman Iqbal Surve, who holds an indirect stake in the company.

The Pretoria high court heard an urgent application last week by AYO in a bid to stop the CIPC from enforcing the compliance notice and to prevent the PIC from complying with the notice. The court on Tuesday also dismissed the CIPC’s counter application.

The commission, chaired by Justice Lex Mpati, has heard of the close relationship between former PIC CEO Dan Matjila and Surve who is also executive chairperson of Independent Media.

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