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PIC suspends execs over AYO investment

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The PIC board decided to start an investigation into the Ayo Technology transaction last December.
The PIC board decided to start an investigation into the Ayo Technology transaction last December.

The Public Investment Corporation (PIC) has suspended two of its executives after an investigation into the investment in JSE-listed AYO Technology.

The PIC invested for a 29% stake in AYO when it listed on the JSE in December 2017.

According to the PIC, the suspensions followed findings of a preliminary investigation, which clearly reflects a blatant flouting of governance and approval processes of the PIC.

"Following responses that were given to SCOPA in Parliament in December 2018, the Public Investment Corporation board resolved to commence an investigation into the Ayo Technology Solution transaction, with specific focus on the role that employees of the PIC may have played.

"Employees of the PIC have also been implicated in these irregularities. It is for this reason that the board has resolved to suspend the executive head of listed investments, Fidelis Madavo, and the assistant portfolio manager Victor Seanie with immediate effect," the statement reads.

As this is an ongoing investigation, the PIC board says it will keep all its stakeholders informed on the developments.

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