The court battle between state-owned asset manager the Public Investment Corporation 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 itsThe 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.The Group Chief Executive of African Equity Empowerment Investments Khalid Abdulla said on Friday morning that the settlement was confidential. AYO is a subsidiary of AEEI.
Asked why the settlement was confidential, Abdulla said:"It has been agreed between the parties. It makes the most sense." 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.
_Business I hope government employees see this. Don't complain when you retire like paupers because your pension money was squandered
_Business When pension fund members lose, this confidentiality settlement agreements is not in the publics interest. Can anyone tell us if the GEPF will recover the full amount invested plus interest from this settlement? IqbalSurve
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