The Public Investment Corporation (PIC) has rebuffed claims that it invested in JSE-listed Ayo Technology Solutions without due diligence. City Press reported on Sunday that the PIC had invested R4.3bn in Ayo, which listed on the JSE in December, without adhering to proper procedures. Citing documents allegedly produced by PIC staff, the newspaper said there were concerns Sekunjalo might use the proceeds of the Ayo capital raise to repay a loan from the PIC worth over R1bn, which it received from the state-owned asset manager to buy Independent News and Media SA in 2013. The PIC hit back against the report, arguing that "no due diligence requirements were waived" when it made the investment in Ayo. "The PIC followed the due diligence process applicable to listed investments," said Deon Botha, head of corporate affairs at the state investment manager. Due diligence reports were concluded in November 2017, according to Botha. He said Ayo would use the cash it raised solely for acquisi...

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