African Equity Empowerment Investments (AEEI) said yesterday it would keep its shareholders abreast of any further developments arising from the withdrawal of transactional banking facilities at one of its major subsidiaries, AYO Technology Solutions, a statement said. Picture: David Ritchie/African News Agency(ANA)
African Equity Empowerment Investments (AEEI) said yesterday it would keep its shareholders abreast of any further developments arising from the withdrawal of transactional banking facilities at one of its major subsidiaries, AYO Technology Solutions, a statement said. Picture: David Ritchie/African News Agency(ANA)

AEEI plans to keep shareholders posted on developments at AYO

By Edward West Time of article published May 4, 2021

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CAPE TOWN - AFRICAN Equity Empowerment Investments (AEEI) said yesterday it would keep its shareholders abreast of any further developments arising from the withdrawal of transactional banking facilities at one of its major subsidiaries, AYO Technology Solutions, a statement said.

AYO on Friday withdrew a cautionary notice to shareholders and said its application for an urgent interdict against FNB, pending the hearing of its main application, was struck off the roll for lack of urgency and that alternative third-party payment solutions for AYO had been put in place which would ensure the continuity of its business.

AYO said the action by FNB primarily affected the transactional bank accounts held by AYO Technology Solutions itself and one other AYO subsidiary that had an alternative transactional banking service provider. Therefore, other than these account closures, no other entity within AYO’s group of companies was affected by FNB’s decision.

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