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Government Employees Pension Fund was 'misled' about R4.3bn investment

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The fund that looks after the pensions of 1.7 million current and former public servants was misled by the Public Investment Corporation (PIC) in respect of its R4.3bn investment in Ayo Technology Solutions, an inquiry into the state-owned asset manager heard on Monday.

Abel Sithole, the principal executive officer of the GEPF since April 2015, told the inquiry on Monday the PIC"did not involve nor inform the GEPF when it considered and made the investment in Ayo. It did not highlight this investment in its subsequent reporting to the GEPF."

"The PIC in its subsequent reporting to the GEPF contended that they considered that the Ayo investment fell under the 'listed' investment mandate." In the context of the Ayo transaction, Sithole believed Ayo should have been categorised as an unlisted investment.

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