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PIC Inquiry: PIC must liquidate assets to fund subscription for Ayo - Dan Matjila | IOL Business Report

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PICInquiry: A request for liquidity to be created, in order to fund a subscription for AYO, was neither unusual nor irregular, said PIC's chief executive and investment officer, Dr Daniel Matjila.

JOHANNESBURG - A request for liquidity to be created, in order to fund a subscription for Ayo Technology Solutions , was neither unusual nor irregular.

"The PIC must liquidate assets for fund acquisitions. It has no other source of capital from which to fund these acquisitions," Matjila said. But, Matjila used his platform to dispel the notion that he had compelled fellow employees and colleagues to follow his instructions on matters involving AYO, saying the PIC had funded plenty of acquisitions in this manner.

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PIC Inquiry: Dan Matjila defends investment in AYO | IOL Business ReportDan Matjila defended the asset manager's R4.3 billion investment into Ayo Technology Solutions in 2017, saying the outlay was strategic for the PIC.
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