MUCH has been made of the recent Public Investment Corporation (PIC) and AYO Technology Solutions (AYO) settlement agreement that was made an Order of Court on March 24.
The beleaguered ICT group that listed on the Johannesburg Stock Exchange (JSE) in 2017, has been the subject of hundreds of articles, investigations and what the group has often claimed as harassment by the JSE, since then.
Based on media hearsay and opinion, a commission of inquiry was set up, ostensibly to deal with alleged impropriety at the PIC. As the records now show, it became the trial by media in the court of public opinion against AYO.
Relying on the subsequent Mpati Report, currently subject of a court case in the Western Cape High Court as a formal request by the Sekunjalo Group (under which AYO falls), to have it officially reviewed, the PIC launched legal action against AYO in 2019. The basis of this action was to recover its R4.3 billion investment along with interest.
Its declared reasons for wanting to get out of bed with AYO
