Legal opinion
Behind the PIC’s secret settlement with Ayo Technology
Asset manager’s board was told of slim chances of success in court though confidentiality clause could come under scrutiny
29 March 2023 - 19:41
UPDATED 29 March 2023 - 22:50
Legal opinion provided to the Public Investment Corporation (PIC) advised it to settle its long-standing dispute with Ayo Technology Solutions, saying the prospects of recouping its R4.3bn investment in the company in 2017 were grim.
Attorneys told the PIC there were several obstacles that hampered the chances of success in a lawsuit it brought against Ayo, which is indirectly controlled by Independent Media owner Iqbal Survé...
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.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.