The PIC has been thrown into further turmoil after firing an assistant portfolio manager who warned that the organisation moved too quickly when investing in a little-known technology company.
Browsing: Ayo Technology Solutions
The JSE says it had enough time to look at all the facts when it made its pre-listing assessment of the Iqbal Survé-linked companies Ayo Technology Solutions and Sagarmatha Technologies.
“Stretched”, “thumb-suck” and “manipulation” were among the words used at the judicial commission of inquiry into the Public Investment Corp to describe the informal pre-listing valuation carried out by Ayo Technology Solutions executives.
Ayo Technology Solutions is at least partly an illegitimate business and has fabricated financial statements, according to Ayo’s former chief investment officer.
Ayo Technology Solutions allegedly rushed the listing process due to fears that it would not be able to secure funds from the PIC after the ANC elected a new leader at its December conference.
The Public Investment Corp’s board of directors offered to resign amid an inquiry into allegations of wrongdoing, throwing the South African manager of more than R2-trillion deeper into crisis.
The Public Investment Corp moved too quickly when it agreed to invest in Ayo Technology, a suspended employee said.
The Public Investment Corp breached policy when it agreed to invest in a local technology company before the deal had received the necessary approvals.
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 Public Investment Corp and African Equity and Empowerment Investment Group, Sekunjalo’s listed vehicle, value Ayo Technology Solutions at a healthy R14.8bn. The market values it at R11.3bn, which, while substantially