African Equity Empowerment Investments (AEEI)  on  Thursday posted a strong set of results, but the market is not convinced. Revenue for the period to February 2019 reportedly increased 31%, from R604m  to R792m and taxed profit rose 246%, from R158m to R546m. AEEI, part of businessman Iqbal Survé group of companies, said net asset value rose 8%, from R4.9bn to R5.3bn.  But Anthony Clark, independent analyst at Small Talk Daily Research, said “the results seem like pure fantasy”. AEEI delayed publication of its results after former Ayo executives testified at commission of inquiry into Public Investment Corporation (PIC) governance issues that the technology company had misrepresented its earnings. Former Ayo CEO Kevin Hardy testified that the company’s CFO was instructed to tamper with its financials. In December 2017, the PIC controversially invested R4.3bn in Ayo for a 29% stake, allegedly at an inflated valuation. Analysts had been curious about the valuation AEEI would pl...

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