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.
The JSE has censured two former directors of Ayo Technology Solutions, publicly berating them and banning them from serving as directors for five years.
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 Public Investment Corp is willing to help Eskom resolve its debt crisis, finance minister Tito Mboweni said at the Bloomberg Capital Markets Focus virtual event.
The Zimbabwean businessman is seeking buyers for 20% to 34% of Liquid Telecommunications Holdings for as much as R10-billion, though Covid-19 is frustrating those efforts, sources say.
The government told asset managers and banks it needs R1.5-trillion of infrastructure investment over the next decade, the country’s biggest specialist fixed-income fund said.
The Public Investment Corp has submitted a proposal to government on converting bonds it holds in struggling state utility Eskom into equity, PIC chairman Reuel Khoza said in an interview.
Labour and business are pushing the government to find a way to utilise an unemployment fund with assets of about R180-billion to fight the effects of the coronavirus outbreak.
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 bold proposal by Cosatu to relieve Eskom of close to 60% of its debt using pension money may be presented by President Cyril Ramaphosa in next week’s state of the nation address.