The employee who compiled the valuation report that led to the Public Investment Corporation (PIC) investing in Ayo Technology Solutions told the Mpati commission that he was put under pressure by his superiors to issue a favourable assessment of Iqbal Survé’s company. Victor Seanie, a chartered accountant and chartered financial analyst employed as an assistant portfolio manager by the PIC since 2016, performed due diligence on the company ahead of the investment by the PIC, which manages about R2-trillion on behalf of the Government Employees Pension Fund (GEPF), paying R4.3bn for a 29% stake in the company’s initial public offering. Seanie said he initially concluded that the transaction presented a poor investment, but his superiors “dictated that the conclusion and recommendation sections of the equity report reflect a favourable investment recommendation for Ayo”. He perceived that this was in line with the wishes of Dan Matjila, the PIC’s CEO at the time. It was standard prac...

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