PIC has not lost money on Ayo investment, says Dan Matjila

The former CEO of the Public Investment Corporation insists that the state-owned pension fund has not lost any money on its investment in Ayo Technology Solutions, an upstart tech outfit controlled by businessman Iqbal Survé that has slumped more than 80%.

The PIC, which manages more than R2-trillion in government employee pension funds, has been under scrutiny at public hearings following allegations of governance failures after the UDM accused Matjila of misusing funds and making careless investment decisions. Matjila said the IPO was not going to go ahead anyway because the PIC had turned down an invitation to invest in the company.

Matjila said the Ayo transaction was used by people with other agendas as a reason to get rid of him.

Let’s see, you bought at R42 odd rand and now the shares are worth 80 cents. Not even Chinese accounting methods make the PIC not lose money.

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AYO investment was set to change ICT sector landscape – Dan Matjila | IOL Business ReportMatjila emphasised to PIC Commission that Africa’s largest asset manager’s R4.3bn investment in AYO was not lost and was earning interest. Riiight Nxa bloody looting And he was the CEO 😂😂😂😝😝😝😂😂😂. Can they please appoint people in future that have some inclining of business facepalm
Source: IOL - 🏆 46. / 51 Read more »