A former investment manager at the Public Investment Corporation has testified that IT company AYO's 2017 investment pitch was so"unrealistic" he thought there was little chance a deal would be struck.
"My hope was we would never do the transaction," Victor Seanie told the Western Cape High Court on the first day of testimony in the long-awaited case between the PIC and AYO. The PIC, which manages the pensions of SA civil servants, invested R4.3 billion in AYO in late 2017 ahead of its listing on the JSE. AYO's stock has since fallen by over 90% from R43 to just R3.85 a share. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
JanTamb _Business So what does the former employee want us to do with this information because the loan granted anyways and we understand AYO meeting it’s financial obligation by repaying back the loan not like other companies 🤷🏾♂️
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BUSINESS MAVERICK: Ayo warns shareholders that PIC case could materially affect share priceMore than five years later, the Public Investment Corporation is still trying to recover a R4.3-billion investment in Ayo Technology, alleging due process was not followed and Ayo apparently misrepresented key information. The case began in the Western Cape High Court on Tuesday. Iqbal and his skelm cabal already ate that money. They must just ask nicer. The comrade will feel sorry, and then give it back. And won't see a Cent. Indians and blacks. Never see a Cent.
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Years of power cuts and greylisting will further erode SA's investment status - Nedbank CEO | BusinessMike Brown says the government's slow pace in addressing the electricity crisis and shortcomings that landed SA on the grey list will be more detrimental in the long term. | News24_Business _Business And was it not Mike Brown's bank Nedbank who have been implicated in various scandals over r the year of rand manipulation, state capture and other money laundering operations. _Business Many remember Eskom problems and want to change gov't yet they cannot remember their past iniquities _Business Mr Brown is 100% correct. The government destroyed the future of its citizens. The ANC & 🤵🏿♂️don't think long term.
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