The case in which the Public Investment Corporation (PIC) is looking to dissolve and recoup its R4.3 billion investment in AYO Technology Solutions (AYO) has concluded after both sides came to an, as yet, confidential settlement agreement.
The settlement was reached on Thursday after talks between the advocates for both sides, which took up most of the day meaning that the court did not sit as expected.
The advocates and accompanying attorneys were mum as they left Western Cape High Court Judge Ashley Binns-Ward’s chambers shortly after 10am saying only that the matter had been settled, the settlement was confidential, and a joint statement would be released.
The PIC, which describes itself on its own website as an asset manager, but in this instance, describes itself as an organ of state, and the GEPF, which describes itself as Africa’s largest pension fund, sought a declaration that the subscription agreement entered into by the PIC with AYO, be declared unlawful and set aside.
AYO opposed the action, which has now reached an agreement between the parties.
Much of the PIC’s alleged motivation behind its approach to the courts has relied on what has now been shown to be false, wrong, and discriminatory reporting by much of South Africa’s mainstream media.
AYO has been constantly on the receiving end of negative media reports and litigation, yet despite this, the group has managed to grow its investment base.
Cape Argus