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More than five years later, the Public Investment Corporation is still trying to recover a R4.3-billion investment in Ayo Technology, alleging due process was not followed and Ayo apparently misrepresented key information. The case began in the Western Cape High Court on Tuesday. ....
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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. ....
Compiled by Lameez Omarjee Businessman Iqbal Surve. (Photo by Gallo Images/Phill Magakoe) AYO Technology Solution s court bid to have FNB overturn a decision to close its banking facilities next month, will not be heard on an urgent basis. Earlier this month, AYO Technology Solutions filed an urgent high court application to interdict FNB from terminating its transactional banking facilities, effective from 3 May. Business Day reported that the Johannesburg high court on Thursday had not granted the group interim relief and it now risks liquidation. The AYO board will be meeting to discuss the court s denial to grant interim relief and to chart the way forward and engage with all stakeholders, Jeni Kostova, AYO s group executive for marketing, told Fin24 by email. ....
Court finds no urgency in AYO Technology application against FNB By Edward West Share AYO Technology Solutionsâ application in the Johannesburg High Court to contest FNBâs recent notice to suspend the firmâs banking facilities would not be heard on an urgent basis, the court ruled yesterday. FNB had on March 2 said it intended to stop providing banking services to AYO from May 3, because of alleged reputational damage to the bank. FNB had claimed that an investment transaction between AYO and the Public Investment Corporation, negative media coverage, AYOâs evidence at the Mpati Commission and a R6.5m fine that the JSE imposed on AYO, where it retains its listing, were factors driving the alleged reputational damage to the bank. ....