In an unprecedented move, the organisation that administers and enforces the Companies Act has instructed the Public Investment Corporation (PIC) to recover the R4.3bn it invested in Ayo Technology Solutions.
In making the investment, directors had knowingly caused harm to Africa’s largest asset manager, the Companies and Intellectual Property Commission (CIPC) said in a compliance letter sent by commissioner Rory Voller on Thursday.
It is the latest in a snowballing series of disasters for Ayo and Iqbal Survé, who holds a large indirect stake in the company.
If you are already a subscriber, please click on the following link to go to the full article: PIC directors told to recoup Ayo billions
If you would like to subscribe to BusinessLIVE to read the full story, please click here.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.