TECHNOLOGY investment Group, AYO Technology Solutions (AYO), will meet the country’s largest asset manager, the Public Investment Corporation (PIC), in court this week, defending why it should not pay back the money the PIC invested in it.
The PIC, which manages funds on behalf of the Government Employees Pension Fund (GEPF), issued summons to the South African ICT giant in May 2019, demanding that the subscription agreement entered into by the PIC with AYO, be declared unlawful and set aside, and that, “AYO be ordered to pay the PIC R4 290 654 165, with the interest of 10.25% per annum accrued from December 22, 2017 to the date of final payment”.
AYO is opposing the PIC’s suit, according to papers we have seen.
Despite taking AYO to court, the PIC…