Business Maverick: Ayo Ex-CIO Says South African Company Is Partly Illegitimate

A decision by the Public Investment Corp., which manages South African government-worker pension funds, to buy shares in Ayo is at the heart of an ongoing inquiry into how the state-owned company makes financial decisions. The purchase in December 2017 valued Ayo at R14.8-billion, even though its assets were estimated at R292 million at the time.

The funds generated by Ayo from its initial public offering were mainly used on related-party transactions, Nodwele said, and even its financial statements “are manufactured.” The ex-CIO added that parts of the company are above reproach, such as the Puleng Technologies division, and described how he and Hardy hired people to secure a contract with petrochemicals company Sasol Ltd.

Ayo is linked to Iqbal Surve, a South African businessman who was forced to cancel a listing of media group Sagarmatha Technologies in April. Ayo is a viable investment, the media tycoon told the inquiry last week. The company didn’t immediately respond to questions seeking comment after asking for them in email form.

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