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UPDATE: PIC commission continues, AYO court judgment postponed by a day

Mar 25 2019 08:07
Tehillah Niselow, Fin24

Update: Judgment in the AYO Technology Solutions vs Companies and Intellectual Property Commission matter has been postponed to Tuesday. 


The judicial commission of inquiry into state-run asset manager the Public Investment Corporation continued on Monday. 

A key court judgment affecting AYO Technology Solutions was also set to be handed down on Monday in the North Gauteng High Court, but this has since been postponed to Tuesday. 

The North Gauteng High Court heard an urgent interdict last week by AYO Technology Solutions against the Companies and Intellectual Property Commission.

The CIPC in February issued the asset manager with a compliance notice to recover its R4.3bn investment in the JSE-listed technology company. The PIC was also ordered to recover any interest that may have accrued on the investment within six months, Fin24 previously reported

The PIC manages assets worth more than R2trn on behalf of public servants. 

Part of the testimony so far at the commission, which is investigating the PIC's governance and investment decisions, has focused on the decision by the corporation to take up the full initial public offering of AYO in December 2017.

The commission, chaired by Justice Lex Mpati, has heard of the close relationship between former PIC CEO Dan Matjila and businessman Iqbal Surve, who holds an indirect stake in AYO.

The inquiry learned last week that an agreement had been reached to extend the deadline for the PIC to recover the monies from AYO, from 15 days to 60 days

AYO lodged an application with the high court to stop the CIPC from enforcing the compliance notice and to prevent the PIC from complying with the notice.

Safety concerns 

Witnesses set to testify on Monday will only be revealed at the start of the proceedings due to safety concerns.

The commission revealed last month that it had received an anonymous SMS showing death threats had been made to past witnesses and people who had agreed to give evidence at upcoming public hearings.

The judicial commission of inquiry has until April 15 to deliver its final report to President Cyril Ramaphosa. Leader of the United Democratic Movement, Bantu Holomisa, called for more time and resources to ensure the probe is more comprehensive. 

* Update: This article was updated at 10:50 on Monday March 25 to reflect that judgment in the matter of AYO Technology Solutions vs the Companies and Intellectual Property Commission matter had been postponed to Tuesday, March 26. 

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