PIC welcomes ruling setting aside CIPC order

The High Court in Pretoria ruled that the order, issued by the CIPC, compelling the PIC to recoup the money it invested in Ayo was unlawful.

Picture: pic.gov.za

JOHANNESBURG - The Public Investment Corporation (PIC) has welcomed the High Court's decision setting aside a compliance order to recoup R4.3 billion from Ayo Technologies.

The High Court in Pretoria ruled that the order, issued by the Companies and Intellectual Property Commission (CIPC), compelling the PIC to recoup the money it invested in Ayo was unlawful.

The PIC has released a statement, saying the court has acknowledged there were several issues with the CIPC's compliance order.

Judge Cornelius van der Westhuizen said the notice issued last month was set aside as it's unlawful and of no force or effect.

At the same time, the PIC said the court made an important finding that the CIPC failed to afford the corporation its constitutional right to be heard prior to issuing the notice.

However, the PIC said it would continue with its plan to recover the invested funds.