PIC has not lost money on Ayo investment, says Dan Matjila

📆 8/13/2019 2:45 AM
📰 BDliveSA

⏱ Reading Time:
26 sec. here
2 min. at publisher
📊 Quality Score:
News: 14%
Publisher: 63%

United States News News

Ayo Technology's share price has fallen precipitously since listing and last traded at R8 per share, representing a plunge of 81%

The former CEO of the Public Investment Corporation insists that the state-owned pension fund has not lost any money on its investment in Ayo Technology Solutions, an upstart tech outfit controlled by businessman Iqbal Survé that has slumped more than 80%.

The PIC, which manages more than R2-trillion in government employee pension funds, has been under scrutiny at public hearings following allegations of governance failures after the UDM accused Matjila of misusing funds and making careless investment decisions. Matjila said the IPO was not going to go ahead anyway because the PIC had turned down an invitation to invest in the company.

Matjila said the Ayo transaction was used by people with other agendas as a reason to get rid of him.

Write Comment

Let’s see, you bought at R42 odd rand and now the shares are worth 80 cents. Not even Chinese accounting methods make the PIC not lose money.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AYO investment was set to change ICT sector landscape – Dan Matjila | IOL Business ReportMatjila emphasised to PIC Commission that Africa’s largest asset manager’s R4.3bn investment in AYO was not lost and was earning interest. Riiight Nxa bloody looting And he was the CEO 😂😂😂😝😝😝😂😂😂. Can they please appoint people in future that have some inclining of business facepalm
Source: IOL - 🏆 46. / 51 Read more »