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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Former AYO exec Nodwele testifies before #PICInquiry | IOL Business ReportNodwele gave evidence in front of retired Judge Lex Mpati, about his version of events that led to his resignation at AYO.
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Former AYO exec Nodwele testifies before #PICInquiry | IOL Business ReportPICInquiry: In another message to IqbalSurve, former AYO executive Simphiwe Nodwele says: “Hi Doc, hope you are enjoying the long weekend. How are you keeping up with all this bullshit? I would have a few body bags by now.”
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Investment by PIC into AYO remains viable | IOL Business ReportPIC into AYO was a viable investment and remains a viable investment, the PIC Commission of Inquiry was told on Tuesday.
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#PICInquiry: 'AYO a victim of a smear campaign' | IOL Business ReportDr Iqbal Survé told the Mpati Commission of Inquiry there was nothing wrong with AYO and its operations.
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Ayo shares at historic low as former head of investment testifiesSiphiwe Nodwele told the inquiry into the affairs of the PIC that the technology company had been grossly overvalued tears4ickballs
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Matjila will have to explain Ayo Technologies deal: Surve - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Chairperson of Independent Media and head of the Sekunjalo Group, Iqbal Surve says he was not aware that the Public Investment Corporation (PIC) did not follow due diligence when the Ayo Technologies deal was concluded.
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