The Companies and Intellectual Properties Commission order issued to the Public Investment Corporation to recoup R4.3-billion from Ayo Technology Solutions has been declared unlawful by the Pretoria high court.
The PIC was also ordered to recover any interest that may have accrued on the investment within six months. Ayo Technology Solutions is linked to Cape Town businessman Iqbal Survé, who holds an indirect stake in the company.
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PIC given more time to recoup R4.3bn Ayo investmentEvidence leader advocate Jannie Lubbe told the Mpati commission that the CIPC has agreed on an extension of the time limit for the PIC to recoup the irregular R4.3-billion paid to Ayo Investment Technology from 15 days to 60 days.
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JUST IN: Court victory for AYO in PIC R4.3bn repayment caseThe Companies and Intellectual Properties Commission's order against the Public Investment Corporation to recoup R4.3bn from AYO Technology Solutions has been declared unlawful by the Pretoria High Court. Fin24 There goes our tax ...corruption wins!! corruption wins!! corruption wins!! corruption wins!! Long Live Corruption Fin24 FFS!!!!
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AYO Technology compliance notice set asideRegulators wanted Ayo to repay nearly R4.3-billion, within a matter of weeks.
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PIC commission to continue as key Ayo repayment court order expectedThe judicial commission of inquiry into state-run asset manager the Public Investment Corporation (PIC) is set to continue today, while a key court judgement affecting Ayo Technology Solutions will also be handed down.
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Holomisa calls on Cyril Ramaphosa to better support PIC inquiryUDM leader Bantu Holomisa wants more time and resources for the commission, and for it to not be ‘compromised’
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Sagarmatha listing push linked to Survé’s ego, PIC commission hearsThe PIC is now working on recovering the money it paid to Ayo after an internal audit report found that approval and governance processes were not followed in a deal approved by former CEO Dan Matjila without consulting the approval committee. So media is persecuting Dr Surve for being black. What is wrong with receiving funding from PIC when billions have been given to white businesses by the same PIC? So this PIC is only for white companies.
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LIVE VIDEO: Holomisa takes the stand at PIC inquiryOn Tuesday, PIC Communications Manager Nomzamo Petje testified to what she calls a culture of intimidation at the asset manager. Yeah I’d love to watch but load shedding! 😡😡😤😤
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