Ayo Technology Solutions has refuted claims by former executives that it misrepresented earnings, but says it will heed a call by the JSE to get an audit opinion from its external auditors. Former Ayo CEO Kevin Hardy told the commission of inquiry into the affairs of the Public Investment Corporation (PIC) on Monday that the company’s finance chief was instructed to tamper with its financials. In December 2017, the PIC controversially invested R4.3bn into Ayo, acquiring a 29% stake in the process at R43 a share — a far higher valuation than it was worth, some analysts and former executives have said. On Wednesday, the JSE said it had asked that Ayo engage with its external auditors “on an urgent basis” to obtain an audit opinion for its unaudited interim results for the six months to February 2018 and for the same period in 2019. The JSE said Ayo should make the outcome public. The allegations by former executives “are of serious concern”, it said.  The exchange said it had also “ke...

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