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.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IOL - 🏆 46. / 51 Read more »
Source: IOL - 🏆 46. / 51 Read more »
Source: IOL - 🏆 46. / 51 Read more »
Source: IOL - 🏆 46. / 51 Read more »
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
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: SABC News Online - 🏆 32. / 51 Read more »