PIC directors ordered to recoup R4.3bn from Ayo
Compliance notice from watchdog says executives knowingly caused harm to asset manager
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.
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