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.
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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.
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 moved too quickly when it agreed to invest in Ayo Technology, a suspended employee said.
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.