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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