The Public Investment Corporation’s (PIC’s) acting CEO Matshepo More on Tuesday escaped censure for her role in the controversial investment in Ayo Technology Solutions, while two other employees were suspended by the board. The Mpati commission established to look into affairs at the PIC was informed before proceedings began that the state-owned asset manager had suspended, with immediate effect, its head of listed investments Fidelis Madavo and portfolio manager Victor Seanie in relation to their handling and approval of the Ayo investment. The PIC said its preliminary report into the transaction had revealed "a blatant flouting of governance and approval processes". The Ayo transaction is one of at least eight that the commission is likely to probe. Among other issues, the commission will also look at governance and decision-making at the PIC, where allegations of corruption have continued to be made.. Ayo Technologies is majority owned by Sekunjalo Investments, in turn owned by ...

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