Ayo Technology imperilled as court rules FNB case not urgent
The high court in Johannesburg has ruled that Ayo Technology Solutions’ bid to overturn First National Bank’s decision last month to close the JSE-listed technology group’s banking facilities will not be heard on an urgent basis.
This is according to a report by Business Live (paywall), which said the decision could now imperil the Iqbal Surve-linked technology group, which faces having its bank accounts closed on 3 May.
FNB’s decision to terminate Ayo’s banking facilities follows a similar decision last year by Absa. FNB has declined to provide any reasons for its decision, citing client confidentiality when contacted for comment by TechCentral earlier this month.