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PIC INQUIRY: Former Ayo board member implicates Iqbal Survé directly in bogus valuation of company

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PIC INQUIRY: Former Ayo board member implicates Iqbal Survé directly in bogus valuation of company By Rebecca Davis becsplanb

IT company, Ayo Technology, in 2017, it was on the back of the company being valued at a whopping R14.8-billion.

Testifying on the second day of the commission’s resumption after a fortnight’s break, former Ayo board member Malick Salie told the inquiry that the numbers involved in the valuation were “not real”.had been insistent that the valuation of Ayo should fall between the R10-billion to R15-billion range.view, said Salie, “based on all the plans and the vision for Ayo, anything below R10-billion is unacceptable”.

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WATCH LIVE: Former Ayo board member gives insight into PIC investmentFormer Ayo board member Abdul Malik Salie gives evidence at the PIC inquiry on the inner workings of the firm and the investment deal with the Public Investment Corporation.
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