Ayo Technology Solutions is African Equity Empowerment Investments’ biggest investment. Picture: 123RF — GONGZSTUDIO
In December 2017, the PIC controversially invested R4.3bn into Ayo, acquiring a 29% stake in the process at R43 a share — a far higher valuation than it was worth, some analysts and former executives have said. The exchange said it had also “kept abreast of numerous other allegations against Ayo Technologies from various sources”. extremely perturbed by the serious allegations” but it “strongly refutes such claims”.
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JSE wants Ayo to open books to external auditors after tampering claimsThe move comes after allegations emerged at the Public Investment Corporation (PIC) commission of inquiry that Ayo Technology Solutions tampered with its financials to inflate profits.
Source: ewnupdates - 🏆 30. / 53 Read more »
Ayo financial tampered with on Survé's instruction, says ex-chief execFormer Ayo CEO Kevin Hardy has testified that Iqbal Survé interfered in the running of the technology company and issued an order to tamper with a financial report.
Source: mailandguardian - 🏆 2. / 92 Read more »
Survé issued instruction to tamper with AYO interim financials - former executiveThe former CEO of AYO Technology Solutions has testified that Iqbal Survé, the head of investment holding company Sekunjalo, interfered in the running of the technology company and issued an order to tamper with a financial report.
Source: News24 - 🏆 4. / 80 Read more »
Iqbal Survé & Co reap more Ayo ‘profits’Ayo Technology Solutions, the company tied to mogul Iqbal Survé, that controversially received R4.3 billion from the Public Investment Corporation (PIC), will dramatically hike its dividends even though profits are still mostly derived from interest on the PIC’s cash. If anc would want to make a difference, they could have done more better than what apartheid did,unfortunately after they came in, they just put their eyes on the money,and blaming whites that develop the nation. I question Survé's sanity.
Source: City_Press - 🏆 7. / 72 Read more »
Former AYO exec Nodwele testifies before #PICInquiry | IOL Business ReportNodwele gave evidence in front of retired Judge Lex Mpati, about his version of events that led to his resignation at AYO.
Source: IOL - 🏆 46. / 51 Read more »
Ayo shares at historic low as former head of investment testifiesSiphiwe Nodwele told the inquiry into the affairs of the PIC that the technology company had been grossly overvalued tears4ickballs
Source: BDliveSA - 🏆 12. / 63 Read more »
Former AYO exec Nodwele testifies before #PICInquiry | IOL Business ReportPICInquiry: In another message to IqbalSurve, former AYO executive Simphiwe Nodwele says: “Hi Doc, hope you are enjoying the long weekend. How are you keeping up with all this bullshit? I would have a few body bags by now.”
Source: IOL - 🏆 46. / 51 Read more »
Business Maverick: Ayo Ex-CIO Says South African Company Is Partly IllegitimateAyo Technology Solutions Ltd. is at least partly an illegitimate business and has fabricated financial statements even while securing a R4.3-billion investment by the Public Investment Corporation, according to Ayo’s former chief investment officer.
Source: dailymaverick - 🏆 3. / 84 Read more »