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.
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Ayo Technology Solutions is at least partly an illegitimate business and has fabricated financial statements, according to Ayo’s former chief investment officer.
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.