Molebatsi says he felt he was pressured when he worked on the Ayo Technology and Sargamatha deals.
Magula labelled the Ayo deal as a reckless investment decision as no proper due diligence was conducted. He says this put PIC at a disadvantage as it could not properly know the value of the asset it was investing in. This, he says, is after the loan was restructured and in the process the PIC partially lost its security to another lender Citibank.
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:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PIC says it will recover R4.3bn investment in AyoAs it was already engaged in a process to recover the money, the Public Investment Corporation approached the court to ensure that it is not in breach of the Companies Act
Source: BDliveSA - 🏆 12. / 63 Read more »
PIC going after R4.3-billion paid to Ayo | Business | M>he PIC paid an overinflated fee of R43 per share for a 29% stake in Ayo, a company linked to Independent Media owner Iqbal Surve, when it made its debut on the Johannesburg Stock Exchange in December 2017.
Source: mailandguardian - 🏆 2. / 92 Read more »
State Capture Inquiry to resume - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The Commission of Inquiry into State Capture is expected to continue hearing the evidence of Eskom officials, Gert Opperman and Johann Bester, in Parktown in Johannesburg on Monday morning.
Source: SABC News Online - 🏆 32. / 51 Read more »
Dlodlo accepts ethics committee outcome - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Minister for Public Service and Administration, Ayanda Dlodlo has on Monday noted the outcome of the ethics committee regarding her non-disclosure of details pertaining to 2016 trip.
Source: SABC News Online - 🏆 32. / 51 Read more »