Pretoria - Erstwhile Public Investment Corporation chief executive Dan Matjila on Wednesday defended the asset manager's R4.3 billion investment into Ayo Technology Solutions in 2017, saying the outlay was strategic for the PIC. Matjila told the commission of inquiry tasked with investigating allegations of improper conduct at the PIC that the investment into AYO gave the PIC exposure to the growing information and communications technology sector.
The PIC participated in the private placement of AYO shares in December of 2017 and took 28.9percent interest in AYO for R4.29bn.However, media reports and testimony before the commission have alleged the PIC overpaid for its stake in AYO and that Matjila had pressured junior staff to push the deal through.
Matjila told the commission he left his role at the PIC in November last year due to political interference at the asset manager.