Ayo Technologies woes won't affect CT Jazz fest

Ayo Technologies, which is a big sponsor of the CT International Jazz Festival, has been ordered to pay back money that the PIC invested in it.

FILE:  Cape Town International Jazz Festival. Picture: Twitter.

CAPE TOWN - A move to recoup billions in Public Investment Corporation (PIC) investments from Ayo Technologies will not affect the Cape Town International Jazz Festival.

Ayo is a big sponsor of the event which takes place in March.

Business Day has been reporting that PIC directors have been ordered to recoup R4.3 billion invested in Ayo Technologies.

Ayo Technologies believes the grounds for a recoupment order by the Companies and Intellectual Property Commission have no merit and are baseless.

Since the start of an inquiry into investments made by the PIC, Ayo Technologies and media owner Iqbal Survé have come under fire.

In response to reports that PIC board members have been ordered to recoup billions invested in Ayo, the company argues that those members would not be held accountable for their decisions because they have all asked to be relieved of their duties.

This comes as the PIC inquiry has heard claims the finance minister warned all directors to step down or be fired.