AYO board to meet as court denies it interim relief ahead of FNB account closures

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Businessman Iqbal Surve. (Photo by Gallo Images/Phill Magakoe)
Businessman Iqbal Surve. (Photo by Gallo Images/Phill Magakoe)

AYO Technology Solution's court bid to have FNB overturn a decision to close its banking facilities next month, will not be heard on an urgent basis.

Earlier this month, AYO Technology Solutions filed an urgent high court application to interdict FNB from terminating its transactional banking facilities, effective from 3 May.

Business Day reported that the Johannesburg high court on Thursday had not granted the group interim relief and it now risks liquidation.

"The AYO board will be meeting to discuss the court's denial to grant interim relief and to chart the way forward and engage with all stakeholders," Jeni Kostova, AYO's group executive for marketing, told Fin24 by email.

AYO previously said it had been given no reasons from FNB for the decision to terminate the banking relationship, which is why it launched the legal challenge.

"AYO believes that FNB's decision is both unlawful and unconstitutional," the technology company said earlier this month. 

One of AYO's shareholders is African Equity Empowerment Investments, founded by businessman Dr Iqbal Survé.

Prior to FNB, Absa had severed ties with companies directly and indirectly linked to Survé's businesses as continued associations would have posed "intolerable reputational, commercial and legal risks," amaBhungane previously reported.

*This is a developing story.

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