Iqbal Survé’s controversial Ayo Technology Solutions is fighting for its life in the Western Cape High Court.
The PIC has two main, alternative arguments for scrapping the investment and returning the money. Ayo has two counter-arguments that on the face of it are not altogether outlandish. More interesting, though, is not what is said, but what is glossed over.On the one hand, the PIC says that ex-chief executive Dan Matjila flouted procedure to such an extent that there never was a legitimate deal and that the R4.3-billion was effectively accidentally paid to Ayo.
The statement supersedes all the other documents the PIC had previously been given, according to Ayo. This pre-listing statement included the boilerplate legal note on forward-looking statements all public companies put into their reports. In short, “anything we say about the future may very well be wrong”. All disclaimers were in place, says the company.The Ayo plea tries to distance Survé, whose Sekunjalo Investments is indirectly Ayo’s largest shareholder, from the whole sordid affair.
Despite vociferous arguments against many allegations, Ayo remains quiet, but for bald denials, on key PIC allegations.
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PIC has not lost money on Ayo investment, says Dan MatjilaAyo Technology's share price has fallen precipitously since listing and last traded at R8 per share, representing a plunge of 81% Let’s see, you bought at R42 odd rand and now the shares are worth 80 cents. Not even Chinese accounting methods make the PIC not lose money.
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