AYO’s court application against FNB won’t be heard on an urgent basis

EDWARD WEST

EDWARD WEST edward.west@inl.co.za AYO Technology Solutions said it was disappointed after its application in the Gauteng High Court to contest First National Bank’s recent notice to suspend the firm’s banking facilities would not be heard on an urgent basis, following a court ruling yesterday. Despite being fully aware of AYO’s public image, which has been tarnished by the media through a series of factually inaccurate articles since March 2018, FNB still opened an account for AYO in October 2020. The bank however waited until mid-February 2021 to pull the plug on AYO’s account, citing reputational risk to the financial institution. FNB intends to stop providing banking services to the JSE’s-largest black-owned and managed ICT investment group from May 3. FNB had claimed that an investment transaction between AYO and…

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Cape Times (Digital) - 1 Issue, 2021-04-30

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