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PIC to continue plan to recover Ayo funds, says CIPC notice was irrational

The PIC said it agreed that it had to recover its losses and would continue with its plan to recover the invested funds without delay.

Picture: Investment Corporation. Picture: pic.gov.za

JOHANNESBURG - The Public Investment Corporation (PIC) says it will continue with its plans to recover funds it invested in Ayo Technology Solutions, but says that the Companies and Intellectual Property Commission (CIPC) had made an irrational decision by issuing it with a compliance notice.

On Tuesday, 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.

The controversial R4.3 billion Ayo deal has come under the spotlight at the PIC commission of inquiry with several witnesses claiming that proper processes weren’t followed.

The High Court made an important finding that the CIPC failed to afford the corporation a constitutional right to be heard prior to issuing the notice.

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

But the PIC said it agreed that it had to recover its losses and would continue with its plan to recover the invested funds without delay.

At the same time, the commission of inquiry had heard evidence from witnesses about a R21 million investment into a company allegedly run by former PIC CEO Dan Matjila’s girlfriend. The loan was not serviced according to the testimony and the money was not used for its intended purpose to build buses.

(Edited by Thapelo Lekabe)