PRETORIA – It was a showdown at the North Gauteng High Court in Pretoria on Wednesday, between Ayo Technology Solutions (AYO), the Public Investment Corporation (PIC) and the Companies and Intellectual Properties Commission (CIPC).
In two separate cases held at a joint sitting in front of Judge Cornelius van der Westhuizen, the CIPC faced off with the PIC, which is seeking to have a compliance notice issued by the CIPC against its board of directors set aside, on the basis that it was irrational and unreasonable and that the process followed by the CIPC was, “procedurally unfair and unlawful”.
The compliance notice issued by CIPC was to instruct the directors of the PIC to recover its R4.3 billion investment into AYO.
Gilbert Marcus SC, representing the PIC, said there were a number of red flags in the CIPC’s application, stating that the time frame was unreasonable and that the grounds provided by the CIPC to issue the compliance notice was based on factual errors.
Marcus contended that the CIPC claimed in its issuing of the notice that the PIC board had made a decision to invest in Ayo Technology Solutions.