PIC's shares in Iqbal Survé-linked IT group AYO's were worth R300m, not R4.3bn - expert witness | Business

IT company AYO was"wholly overvalued" when the Public Investment Corporation sunk R4.3 billion into it in late 2017, an expert witness told the Western Cape High Court on Thursday.

AYO, part of businessman Iqbal Survé's Sekunjalo group, had a valuation of R14.8 billion when it listed on the JSE in the week before Christmas, 2017. The PIC bought 29% of its shares for R4.3 billion in its initial public offering. Since its investment, AYO's shares have fallen by around 90%. 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 IckyBal must fall.

JanTamb _Business Why are in so many corrupt dealings there always an indier involved or am i the only one who pick that up

JanTamb _Business This guy's stole this money under the impression that NDZ was going to be the president period just to recover our money

JanTamb _Business Hey nina, where is Markus Jooste and Steinhoff?

JanTamb _Business But IqbalSurve will blame the banks! PICpaybackthemoney

JanTamb _Business Just like Steihoff

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Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Ex-PIC head Dan Matjila signed R4.3bn AYO investment without telling staff, court hears | BusinessFormer Public Investment Corporation head Dan Matjila signed an 'irrevocable undertaking' to buy R4.3 billion worth of shares in IT group AYO in early December 2017 without telling staff, the Western Cape High Court has heard. | News24_Business _Business Eating at the trough _Business So Ntate Brian Molefe is one of the few who led PIC WITH integrity and left it with healthy balalance shit CoruscaKhaya _Business Still fighting this Black company for recieving our money from PIC.
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