BUSINESS NEWS - The CIPC’s case against PIC and AYO Technology Solutions was dismissed with costs.
At the High Court in Pretoria on Tuesday, a case against the Public Investment Corporation (PIC) and AYO Technology Solutions was dismissed with costs.
Judge Cornelius van der Westhuizen ruled that a compliance notice issued on February 21, 2019, to the PIC by the Companies and Intellectual Property Commission (CIPC) was unlawful.
The CIPC issued a notice in an attempt to recoup R4.3 billion in investment it made into Ayo Technology Solutions in 2017.
Judge van der Westhuizen said: “The compliance notice issued by the respondents on February 21, 2019, to the applicants is declared unlawful and of no force or effect. The compliance notice is set aside.”
Read the full article here on the Caxton publication, The Citizen.
