Repudiation Of Allegations That AYO Is Transferring Funds Off-Shore - AYO
AYO TECHNOLOGY SOLUTIONS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1996/014461/06
JSE share code: AYO
("AYO" or "the Company")
Repudiation of allegations that AYO is transferring funds off-shore
Shareholders are referred to the parliamentary session held on Tuesday, 15
October 2019 and specifically comments made by the acting executive head of
legal, governance and compliance of the Public Investment Corporation SOE
(“the PIC”), Ms. Lindiwe Dlamini, that the PIC is considering court action,
specifically an anti-dissipation order, to prevent the Company from allegedly
transferring funds off-shore.
The Company wishes to advise shareholders that these allegations are without
merit. AYO being a South African company and operating under the laws of
South Africa would need to follow the same process as any other company
wishing to transfer funds off-shore by applying to the South African Reserve
Bank for approval prior to executing such an off-shore transfer.
AYO wishes to confirm it has not made any application to the South African
Reserve Bank to transfer funds off-shore nor does it intend to do so.
AYO, via its attorneys, has sent a letter to the PIC which letter included
details of the various accounts as well as account numbers in which its funds
are held at its South African Bankers.
16 October 2019
Vunani Corporate Finance
Date: 16/10/2019 07:35:00
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