PIC sold shares in order to invest in AYO Technologies

JOHANNESBURG - The Public Investment Corporation commission of inquiry has heard the corporation didn't have the money to invest in AYO Technologies Solutions and had to sell off shares to create liquidity.

Portfolio manager Gaanewe Adams revealed in her testimony on Tuesday that the then-CEO Dan Matjila gave the instruction to sell off shares in order to invest in Iqbal Survé’s AYO Technologies Solutions. Adams has told the commission how the PIC had to sell off shares amounting to around R3.8 billion in order to invest in AYO Technologies.

“Dr Dan sent the instruction via email, as requested, which said we should create liquidity to settle the subscription of shares in AYO.”At the time, Adams had also just learned about the AYO Technologies deal but the instructions from Matjila were clear. Lebogang Molebatsi, who was recently suspended over the AYO Technologies deal, also testified that the same amount of pressure was put on the team when securing the Sagamartha Technologies, another company also owned by Survé.

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