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SCoF hears how AYO became a victim of institutional actions
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CAPE TOWN â JSE-listed Ayo Technology Solutions (AYO), on Wednesday told Parliamentâs Standing Committee on Finance (SCoF) that the tech investment firm was a victim of several institutional actions, such as being unfairly censured with fines, which made no sense.
AYO chairperson Dr Wallace Mgoqi cited another example whereby the Companies and Intellectual Property Commission (CIPC), without any rational basis and precedent, had launched a litigation case against AYO. CIPC lost the case.
Mgoqi said that in the spirit of transparency, AYO had welcomed the commission of inquiry into alleged impropriety at the Public Investment Corporation (PIC) and had voluntarily sent executives to be fully transparent in their engagement with the commission, chaired by Justice Lex Mpati.