{"id":46157,"date":"2023-03-24T18:22:09","date_gmt":"2023-03-24T18:22:09","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic"},"modified":"2023-03-24T19:19:49","modified_gmt":"2023-03-24T19:19:49","slug":"iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic","title":{"rendered":"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The court battle between state-owned asset manager the Public Investment Corporation (PIC) and IT group AYO has been settled after lawyers for the two sides clinched a confidential deal.<\/p>\n

The PIC, which manages the pensions of SA civil servants, had taken AYO to court in a bid to claw back its R4.3 billion investment.<\/p>\n

The long-awaited case started in the second week of March. But after two weeks of arguments in what was set to be a four-week case, the legal teams on Thursday agreed to settle.<\/p>\n

The settlement was not read out in court.<\/p>\n

Khalid Abdulla, the executive deputy chairperson of AYO, said on Friday morning that the settlement was confidential.<\/p>\n

Abdulla noted AYO would be releasing a statement later in the day, but said:<\/p>\n

Asked why the settlement was confidential, Abdulla said: “It has been agreed between the parties. It makes the most sense.”<\/p>\n

The PIC, in a statement, said: “The parties he sought to resolve the long-running litigation in a manner that best protects the interests of their stakeholders, in the circumstances, and with a view to giving the business of AYO a chance to create growth and value into the future.”<\/p>\n

The settlement means that Judge Ashley Binns-Ward will not have to rule on whether the AYO misrepresented itself in 2017 when it secured R4.3 billion in funding from the asset manager.<\/p>\n

The PIC bought 29% of AYO’s shares in its initial public offering in December 2017. AYO’s stock has since fallen by around 85% over the past five years from R43 to R4.70 a share.<\/p>\n

The IT group, part of businessman Iqbal Surve\u0301’s Sekunjalo group, has consistently denied any wrongdoing.<\/p>\n

*Correction: A previous version of this article stated that Khalid Abdulla was the group chief executive of African Equity Empowerment Investments. Abdulla is, in fact, the executive deputy chairperson of AYO.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The court battle between state-owned asset manager the Public Investment Corporation (PIC) and IT group AYO has been settled after lawyers for the two sides clinched a confidential deal. The PIC, which manages the pensions of SA civil servants, had taken AYO to court in a bid to claw back its R4.3 […]<\/p>\n","protected":false},"author":84,"featured_media":46156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,816,2446,305,4858,817,275],"class_list":["post-46157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-ayo","tag-iqbal-surve","tag-pic","tag-public-investment-corporation","tag-sekunjalo","tag-south-africa-2"],"yoast_head":"\nIqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC - South Africa<\/title>\n<meta name=\"description\" content=\"The court battle between state-owned asset manager the Public Investment Corporation (PIC) and IT group AYO has been set ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC\" \/>\n<meta property=\"og:description\" content=\"The court battle between state-owned asset manager the Public Investment Corporation (PIC) and IT group AYO has been set ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-24T18:22:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-24T19:19:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC\",\"datePublished\":\"2023-03-24T18:22:09+00:00\",\"dateModified\":\"2023-03-24T19:19:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic\"},\"wordCount\":327,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"ayo\",\"iqbal surv\u00e9\",\"pic\",\"public investment corporation\",\"sekunjalo\",\"South-Africa\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic\",\"name\":\"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC - South Africa\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg\",\"datePublished\":\"2023-03-24T18:22:09+00:00\",\"dateModified\":\"2023-03-24T19:19:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The court battle between state-owned asset manager the Public Investment Corporation (PIC) and IT group AYO has been set ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg\",\"width\":1024,\"height\":683,\"caption\":\"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/south-africa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/\",\"name\":\"South Africa\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC - South Africa","description":"The court battle between state-owned asset manager the Public Investment Corporation (PIC) and IT group AYO has been set ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic","og_locale":"en_US","og_type":"article","og_title":"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC","og_description":"The court battle between state-owned asset manager the Public Investment Corporation (PIC) and IT group AYO has been set ...","og_url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic","og_site_name":"South Africa","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-03-24T18:22:09+00:00","article_modified_time":"2023-03-24T19:19:49+00:00","og_image":[{"width":1024,"height":683,"url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC","datePublished":"2023-03-24T18:22:09+00:00","dateModified":"2023-03-24T19:19:49+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic"},"wordCount":327,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg","keywords":["Africa Press","Africa Press-South-Africa","ayo","iqbal surv\u00e9","pic","public investment corporation","sekunjalo","South-Africa"],"articleSection":["all news","policy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic","url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic","name":"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC - South Africa","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg","datePublished":"2023-03-24T18:22:09+00:00","dateModified":"2023-03-24T19:19:49+00:00","author":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The court battle between state-owned asset manager the Public Investment Corporation (PIC) and IT group AYO has been set ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#primaryimage","url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg","contentUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/03\/postQueueImg_1679665947.24.jpg","width":1024,"height":683,"caption":"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/iqbal-surve-linked-it-group-ayo-reaches-settlement-with-pic#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/south-africa\/"},{"@type":"ListItem","position":2,"name":"Iqbal Surv\u00e9-linked IT group AYO reaches settlement with PIC"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/south-africa\/#website","url":"https:\/\/www.africa-press.net\/south-africa\/","name":"South Africa","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/46157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/comments?post=46157"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/46157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media\/46156"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media?parent=46157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/categories?post=46157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/tags?post=46157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}