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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