File Photo: IOL

PRETORIA – The Compliance Notice issued by the Companies and Intellectual Property Commission (CIPC) against the board of directors of the Public Investment Corporation (PIC) to recoup the R4.3 billion investment it made into AYO Technology Solutions back in 2017 has been declared unlawful by Judge Cornelius van der Westhuizen, at the North Gauteng High Court.

The case has also been dismissed with costs in favour of the PIC and AYO Technology Solutions.

Delivering judgment at the North Gauteng High court on Tuesday, Judge van der Westhuizen ruled that the compliance notice issued on February 21 to the PIC should be set aside.

Granting an order, van der Westhuizen said: “The Compliance Notice issued by the respondents on February 21, 2019 to the applicants is declared unlawful and of no force or effect. The Compliance Notice is set aside.”

He also dismissed the counter application launched by the CIPC with costs in favour of both the PIC and AYO Technology Solutions.

BUSINESS REPORT ONLINE