. The price tag was flagged as hugely overpriced by employees working on the transaction before it was approved by former chief executive Dan Matjila.reported on Tuesday that the Companies Act watchdog had sent a notice to the PIC to recover the R4.3-billion it invested in Ayo within 15 days of receiving the notice.
“The directors of the PIC are seen to have contravened section 76 of the act in which it is stated that a director may not use his position to “knowingly cause harm to the company”,The Ayo transaction has been at the centre of the PIC Inquiry probing issues of impropriety at the state asset manager which controls over R2-trillion in state worker pensions and other assets.
On Monday PIC head of corporate affairs Deon Botha testified that following the testimony by various PIC employees at the commission since January, he had come to realise that the PIC had lied to the media when questioned about the transaction.
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