Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      New platform helps homeowners avoid delays in property sales

      17 June 2025

      Vodacom CEO Joosub bags R71m in pay – but taxman will take a big cut

      17 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      Major rift opens between Microsoft and OpenAI

      17 June 2025

      The little-known company disrupting Eskom’s monopoly

      16 June 2025
    • World

      Samsung plots health data hub to link users and doctors in real time

      17 June 2025

      Yahoo tries to make its mail service relevant again

      13 June 2025

      Qualcomm shows off new chip for AI smart glasses

      11 June 2025

      Trump tariffs to dim 2025 smartphone shipments

      4 June 2025

      Shrimp Jesus and the AI ad invasion

      4 June 2025
    • In-depth

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025

      South Africa unveils big state digital reform programme

      12 May 2025

      Is this the end of Google Search as we know it?

      12 May 2025
    • TCS

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025

      TCS+ | AI is more than hype: Workday execs unpack real human impact

      4 June 2025

      TCS | Sentiv, and the story behind the buyout of Altron Nexus

      3 June 2025

      TCS | Signal restored: Unpacking the Blue Label and Cell C turnaround

      28 May 2025
    • Opinion

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025

      Digital giants boost South African news media – and get blamed for it

      29 May 2025

      Solar panic? The truth about SSEG, fines and municipal rules

      14 April 2025

      Data protection must be crypto industry’s top priority

      9 April 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » News » PIC suspends two officials over Ayo Technology probe

    PIC suspends two officials over Ayo Technology probe

    By Agency Staff22 January 2019
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    The Public Investment Corp, Africa’s biggest money manager, said it has suspended two employees after an investigation into a transaction with Ayo Technology Solutions.

    The PIC suspended Fidelis Madavo, the head of listed investments, and Victor Seanie, an assistant portfolio manager, the Pretoria-based fund manager said in a statement. Madavo is giving evidence on Tuesday before a commission that’s probing allegations of impropriety at the institution.

    The preliminary report clearly reflects a blatant flouting of governance and approval processes of the PIC

    “The preliminary report clearly reflects a blatant flouting of governance and approval processes of the PIC,” the money manager said about the Ayo investment in the statement. “Employees of the PIC have also been implicated in these irregularities. It is for this reason that the board has resolved to suspend” Madavo and Seanie immediately, it said.

    Last year, the PIC spent R4.3-billion to back Ayo’s initial public offering, valuing Ayo at R14.8-billion even though its assets were estimated at R292-million.

    The Government Employees Pension Fund, which is the continent’s largest such fund and is the PIC’s biggest client, is “extremely perturbed” by the suspensions and wants the PIC’s board to finalise its probe into the Ayo transaction, it said in a statement on its website.

    “The PIC had assured the GEPF on numerous occasions and in correspondence that correct governance processes were followed with respect to the Ayo Technology Solutions transaction,” the fund said. “The GEPF views this as a serious breach of trust.”  — Reported by Renee Bonorchis, (c) 2019 Bloomberg LP



    Ayo Technology Solutions Fidelis Madavo PIC top Victor Seanie
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleTomTom sells telematics unit to Bridgestone for $1-billion
    Next Article Altron offloads last non-core asset it controlled

    Related Posts

    Ayo in hot water: JSE says investors were kept in the dark

    5 June 2025

    Iqbal Survé’s Sekunjalo moves to delist controversial Ayo Technology

    23 May 2025

    PIC appoints new CEO

    15 May 2025
    Company News

    7 benefits of social media integration in WordPress

    17 June 2025

    Paratus Zimbabwe and PowerTel strike milestone deal

    17 June 2025

    Huawei Watch Fit 4 Series: smarter sensors, sharper design, stronger performance

    13 June 2025
    Opinion

    Beyond the box: why IT distribution depends on real partnerships

    2 June 2025

    South Africa’s next crisis? Being offline in an AI-driven world

    2 June 2025

    Digital giants boost South African news media – and get blamed for it

    29 May 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.