'Deeply concerned': PIC board slams executives after AYO settlement | Business

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The Public Investment Corporation board has roasted executives for not keeping it in the loop about a controversial settlement with IT group AYO. | News24_Business

The Public Investment Corporation board has roasted executives about a controversial settlement deal with AYO.The PIC sank billions into AYO, but the settlement deal has netted it only R619 million so far. The Public Investment Corporation board has roasted executives for not keeping it in the loop about a controversial settlement with IT group AYO., abruptly ending the state asset manager's legal battle to claw back the R4.3 billion it invested in AYO.

In a statement issued by board chair and Deputy Finance Minister David Masondo on Thursday, the board said it was"deeply concerned" about management's handling of governance processes during the settlement, specifically that it was not informed"timeously" of the PIC's intention to settle with AYO. "The PIC’s management has a duty of care to protect the company’s integrity and reduce the risk of reputational damage. This includes the responsibility of management to timeously inform the board of intended settlements."

This settlement seeks to recover money from a questionable investment, salvaging value for its client and its beneficiaries, whilst ensuring that Ayo Technologies remains a going concern.

 

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_Business To me this sounds very similar to the Stienhoff saga.

_Business how's that even possible?

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