Judgment reserved on AYO interdict against Commission | Fin24
 
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Judgment reserved on AYO interdict against Commission

Mar 20 2019 21:28
Lameez Omarjee and Sibongile Khumalo, Fin24

Judgment has been reserved on an interdict being sought by AYO Technology Solutions against the Companies and Intellectual Property Commission.

The matter was heard at the North Gauteng High Court on Wednesday, and judgment will be made on Monday, AYO spokesperson Sinazo Luse confirmed.

The CIPC in February issued the Public Investment Corporation (PIC) a compliance notice, to recover R4.3bn from an investment in AYO. The PIC was also ordered to recover any interest that may have accrued on the investment within six months, Fin24 previously reported.

On Tuesday the PIC inquiry heard that an agreement had been reached to extend the deadline for the PIC to recover the monies, from 15 days to 60 days.

In the interim, AYO lodged an application with the high court to stop the CIPC from enforcing the compliance notice, and to prohibit the PIC from complying with the notice.

Court papers show that AYO is arguing that the CIP's decision is unprecedented.

AYO will reserve comment on the court case until the judgment is delivered, Luse said.

pic  |  cipc  |  ayo  |  investment  |  financial services  |  court case
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