Pretoria — The Public Investment Corporation (PIC) welcomes the decision granted in its favour by theNorth Gauteng High Court to set aside the Compliance Notice issued against it by the Companies and Intellectual Property Commission (CIPC).
The Court acknowledged that most of the issues that PIC raised against CIPC were conceded by CIPC and these issues included absence of a fair procedure; irrational decision taken by CIPC; and the existence of material factual errors in CIPC’s notice. The only issue in dispute was whether the issued compliance notice was defective and stood to be set aside or whether it ought to be suspended pending a review of that notice in the normal course. In that regard, the Court made an important finding that the CIPC failed to afford the PIC a Constitutional right to be heard prior to issuing the notice. This rendered the notice invalid and null and void.
The CIPC’s counter application was dismissed on the basis that there was no valid notice to be amended or modified. On the other hand, Ayo’s application to set aside the CIPC notice was rendered moot pursuant to the judgement in favour of the PIC. It was accordingly removed from the roll.
The PIC remains committed to carry out to conclusion the steps that it had already taken to recover the invested funds without any delay.