The R4.3-billion in pension fund money that the PIC controversially pumped into the Iqbal Survé-linked Ayo Technology Solutions is proving to be a terrible investment.
Nedbank will on 15 March withdraw banking services provided to AEEI, the investment company controlled by controversial businessman Iqbal Survé.
The JSE has censured two former directors of Ayo Technology Solutions, publicly berating them and banning them from serving as directors for five years.
Last week’s announcement by Sekunjalo’s African Equity Empowerment Investments that BT Group was not entitled to claim back the 30% stake in BT South Africa held by AEEI was a little puzzling.
The high court has ruled that Ayo Technology Solutions’ bid to overturn First National Bank’s decision last month to close the JSE-listed technology group’s banking facilities will not be heard on an urgent basis.
First National Bank has terminated the banking facilities it provides to Iqbal Survé’s Ayo Technology Solutions, Ayo said in a statement to shareholders after markets closed in Johannesburg on Thursday.
The JSE has publicly censured Ayo Technology Solutions and imposed a R6.5-million fine on the controversial technology group after it published a series of “false and misleading” financial statements.
Fidelis Madavo says he’s being scapegoated in the corruption scandal that has gripped South Africa’s biggest money manager. And now he says there are documents to prove his contention.
The PIC has dismissed the executive head of listed investments Fidelis Madavo for gross misconduct in the controversial R4.3-billion deal involving Ayo Technology Solutions.
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.