In a dramatic announcement at the start of the second day of the inquiry into the Public Investment Corporation (PIC), evidence leader advocate Jannie Lubbe announced that the executive for listed investments had been suspended with immediate effect overnight. “I have been informed that Fidelis Madavo was suspended with immediate effect by the PIC last night in relation to the Ayo transaction,” Lubbe said on Tuesday. The PIC subsequently released a statement that assistant portfolio manager Victor Seanie was suspended along with Madavo. “A preliminary investigation report was submitted to the board on January 21. The preliminary report clearly reflects a blatant flouting of governance and approval processes of the PIC. Employees of the PIC have also been implicated in these irregularities,” the PIC said in its statement. The investment in Iqbal Survé’s Ayo Technologies by the PIC was a controversial transaction for a number of reasons. The PIC invested R4.3bn in Ayo at the time of i...

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