The Companies and Intellectual Properties Commission (CIPC) order issued to state asset manager 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 as it “lacked legality”.
The compliance notice was for the PIC to recover its R4.3bn investment in the JSE-listed technology company.
As part of the initial CIPC order, the PIC was also ordered to recover any interest that may have accrued on the investment within six months, Fin24 previously reported.
On receiving a copy of the order in February AYO had said the notice was “incorrect for several reasons” and that the CIPC had incorrectly stated its revenues.
The court application to set aside the compliance notice was brought by the
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