JUST IN: AYO wins R4.3bn repayment case
PRETORIA – The Compliance Notice issued by the CIPC against the board of directors of the Public Investment Corporation to recoup the R4.3 billion investment it made into AYO Technology Solutions back in 2017 has been declared unlawful by Judge Cornelius van der Westhuizen, at the North Gauteng High Court.Delivering judgment at the North Gauteng High court on Tuesday,
Granting an order, 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.” He also dismissed the counter application launched by the CIPC with costs in favour of both the PIC and AYO Technology Solutions.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Court victory for Ayo in PIC R4.3bn repayment caseThe Companies and Intellectual Properties Commission (CIPC) order issued to the Public Investment Corporation (PIC) to recoup R4.3-billion from Ayo Technology Solutions has been declared unlawful by the Pretoria high court.
Read more »
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.
Read more »
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.
Read more »
AYO, PIC and CIPC in courtroom showdown | IOL Business ReportIn two separate cases held at a joint sitting in front of Judge Cornelius van der Westhuizen, the CIPC faced off with the PIC, judgement on Monday.
Read more »
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.
Read more »
Cholera cases reported as hunger, diseases stalk #CycloneIdai survivors | IOL NewsCholera cases were reported on Friday in the Mozambican city of Beira, adding a risk of deadly illnesses for hundreds of thousands of people.
Read more »
Surge in fuel prices hikes February's consumer inflation to 4.1% | IOL Business ReportSouth Africa’s consumer inflation inched up to 4.1 percent in February from 4 percent in the previous month on the back of a surge in fuel prices.
Read more »
JUST IN: PIC board suspends acting CEO Matshepo More | IOL Business ReportMore has been in the media recently after being implicated in corruption by a whistle-blower, who goes by the pseudonym James Nogu/Noko.
Read more »
Google fined $1.7bn for search ad blocks in third EU sanction | IOL Business ReportGoogle was fined €1.49 billion (R24bn) on Wednesday for blocking rival online search advertisers.
Read more »
‘Construction mafia hijacks projects worth billions of rands’ | IOL Business ReportYunus Bayat warned that the hijacking of billions of rands worth of projects in the sector would undermine confidence and destabilise the industry.
Read more »