The weakened Public Investment Corporation has been given a lifeline after the Companies and Intellectual Property Commission agreed that their deadline for Thursday to retrieve around R4 billion would be extended.
The PIC now has more time to retrieve money from Ayo Technology after a High Court in Pretoria ruling on Tuesday, where CIPC and PIC agreed that a compliance notice would be amended until a new date is set. CIPC had initially given the PIC 14 days to retrieve money back from Ayo Technologies, which resulted in the PIC taking the matter to the high court to have the notice amended.
This is after CIPC issued a compliance notice to the directors at the PIC demanding they retrieve the R4.3 billion that the PIC invested in Ayo Technologies, together with six months interest. JUST IN: PIC has more time to retrieve the money back from AYO Technology. The deadline was for Thursday to retrieve R4.3bn but both CIPC & PIC agreed in court today that the compliance notice has been amended until a new date is set.
Source: Tech Daily Report (techdailyreport.net)
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