AYO welcomes public ratification of settlement by PIC

Ayo Technology Solutions has expressed its appreciation of the PIC Board’s ratification of the settlement agreement between the two parties.

The PIC issued a statement earlier on Thursday, after the parties came to a settlement agreement in March, ending a protracted court battle.

“Ayo Technology Solutions (AYO) is pleased to see the Public Investment Corporation (PIC) has publicly ratified the settlement agreement entered into by the parties and made an order of court on 24 March 2023,” AYO said in a statement on Thursday.

“AYO does, however, wish to clarify that as shown during the Mpati Commission and the recent court case between the PIC and AYO, that it is not the investment into AYO that was questionable, but rather the process that was followed by the PIC.

“AYO further supports the reinforcement of good governance processes at the PIC and whilst acknowledging that the PIC’s management has the delegation of authority to negotiate settlements, such as that concluded with AYO, AYO was not in default of any agreement of any kind in relation to the PIC’s original investment.

“As the parties have agreed to work together in re-building the value in the company, which would have been significant had the company been allowed to proceed with business as usual from the get-go, and the PIC board has now endorsed this new way forward, AYO will not be entering into any further discussion on the matter,” AYO said.

“All parties are firmly focused on the future and in delivering on the Group’s potential as set out in its original Pre-Listing Statement (PLS),” the statement concluded.

IOL