Britain’s BT Group – formerly British Telecom – has terminated its relationship with Iqbal Survé’s Sekunjalo Group, ending its longstanding relationship with the firm.
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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.
It turns out the relationship between former Public Investment Corp head Dan Matjila and Iqbal Survé’s Sekunjalo Group was as value-destroying as feared by most commentators.
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 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