The investment in Ayo Technology Solutions by the Public Investment Corporation (PIC) appeared to be grossly negligent and responsibility should be placed at the door of the PIC’s ex-CEO, Dan Matjila. This was the testimony given before the Mpati commission on Wednesday by the PIC’s head of internal audit, Lufuno Nemagovhani. He concluded, based on an audit of the process relating to the R4.3bn investment in December 2017, that little to no due diligence was performed on the company and there were a number of irregularities relating to the investment. “We found that the Ayo initial public offering subscription form was signed off on 14 December before the meeting of 20 December in which the delegated committee could approve the investment. This was a clear breach of the company’s policies,” said Nemagovhani. The investment, thus far, has been a spectacular disaster. From its listing price of R43 per share, the share price traded as low as R14.04 in the last year. Ayo’s closing share...

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