Carol Paton Writer at Large
Iqbal Survé. Picture: TREVOR SAMSON
Iqbal Survé. Picture: TREVOR SAMSON

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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