PIC vs Survé-linked AYO: PIC staff 'had no time' to check docs ahead of 'rushed' R4.3bn deal | Business

PHOTO: Gallo Images/Jacques Stander

Staff at the Public Investment Corporation had no opportunity to study IT group AYO's pre-listing statement before R4.3 billion was invested in the company six years ago, an ex-manager has said. "I didn't have time to read it," former PIC assistant portfolio manager Victor Seanie told the Western Cape High Court on Wednesday.

Seanie was giving evidence for a second day in the PIC's court bid to compel AYO to return the funds – plus interest – it received from the PIC in late 2017. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

JanTamb _Business Propaganda machine. Stellenbosch puppet. Stratcom24

JanTamb _Business Political interference and corruption allowed this.

JanTamb _Business 🙄🙄🙄😭😭😭🙆‍♂️🙆‍♂️🙆‍♀️noooo my pension money is gone, thanks to Zuma, dondo and the former Pic directors...

JanTamb _Business There we go again, we are about to be donwgraded under Cyril it has nothing to do with state capture or Jacob Zuma, so you must go dig up something to distract is you bunch of rubbish

sszonke JanTamb _Business Wow!!!

JanTamb _Business No ways that PIC would invest so much money without the risk investment managers looking at the deal go sale this story to pre school kids

JanTamb _Business Thief

JanTamb _Business Ayo was making money and is a great return on investment. You just hate Dr Surve.

CoruscaKhaya JanTamb _Business How come you clowns didn't tell us what did the investment team at PIC, do before they gave that thug Markus Jooste billions at Steinhoff? Voetsek maan with your selective amnesia!

JanTamb _Business I'm doubt that's a good enough excuse for the PIC saying it's all AYO's fault, but do carry on 🙄

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BUSINESS MAVERICK: Ayo warns shareholders that PIC case could materially affect share priceMore than five years later, the Public Investment Corporation is still trying to recover a R4.3-billion investment in Ayo Technology, alleging due process was not followed and Ayo apparently misrepresented key information. The case began in the Western Cape High Court on Tuesday. Iqbal and his skelm cabal already ate that money. They must just ask nicer. The comrade will feel sorry, and then give it back. And won't see a Cent. Indians and blacks. Never see a Cent.
Fonte: dailymaverick - 🏆 3. / 84 Consulte Mais informação »

PIC vs Survé-linked AYO: R4bn deal was 'unrealistic', but went ahead anyway, says ex-manager | BusinessA former investment manager at the Public Investment Corporation has testified in court that IT company AYO's 2017 investment pitch was so 'unrealistic' he thought there was little chance a deal would be struck. | JanTamb News24_Business JanTamb _Business So what does the former employee want us to do with this information because the loan granted anyways and we understand AYO meeting it’s financial obligation by repaying back the loan not like other companies 🤷🏾‍♂️
Fonte: News24 - 🏆 4. / 80 Consulte Mais informação »

PIC vs Survé-linked AYO: R4.3bn deal was signed before due diligence was complete - ex-analyst | BusinessThe Western Cape High Court has heard that analysts at the Public Investment Corporation were still conducting due diligence on a proposal to buy shares in IT group AYO in late 2017 when they heard that then-CEO Dan Matjila had signed the deal. They need to hold him personally responsible for the losses. His assets must be confiscated. PIC and the Unions must convey a message to its office bearers crime doesn't pay. Iqbal needs to go to jail
Fonte: News24 - 🏆 4. / 80 Consulte Mais informação »