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PIC going after R4.3-billion paid to Ayo | Business | M&G

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The PIC paid an overinflated fee of R43 per share for a 29% stake in Ayo, a company linked to Independent Media owner Iqbal Surve, when it made its debut on the Johannesburg Stock Exchange in December 2017.

to oppose a compliance notice issued by the Companies and Intellectual Property Commission instructing it to retrieve the R4.3-billion it invested in Ayo.

Testimony before the PIC commission, headed by Judge Lex Mpati, has revealed how former chief executive Dan Matjila overlooked governance and approval processes and signed of the deal despite concerns raised by employees that Ayo was overpriced and had no business merit. “The correct circumstances are that by the time the CIPC issued its Compliance Notice on 21 February 2019, the PIC, together with its attorneys of record Gwina Attorneys Inc and its Counsel were already working on the recovery process… which they are still engaged with,” said the PIC.

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PIC says it will recover R4.3bn investment in AyoAs it was already engaged in a process to recover the money, the Public Investment Corporation approached the court to ensure that it is not in breach of the Companies Act
Fonte: BDliveSA - 🏆 12. / 63 Leggi di più »