PIC directors told to recoup Ayo billions
Compliance notice from watchdog says executives knowingly caused harm to asset manager
In an unprecedented move, the organisation that administers and enforces the Companies Act has instructed the Public Investment Corporation (PIC) to recover the R4.3bn it invested in Ayo Technology Solutions. In making the investment, directors had knowingly caused harm to Africa’s largest asset manager, the Companies and Intellectual Property Commission (CIPC) said in a compliance letter sent by commissioner Rory Voller on Thursday. It is the latest in a snowballing series of disasters for Ayo and Iqbal Survé, who holds a large indirect stake in the company. The investment is also under scrutiny at the Mpati commission of inquiry into the PIC, which is probing allegations of wrongdoing at the company. Two weeks ago tape recordings emerged that show that Surve had misled the PIC about Ayo’s assets, though he vehemently denies having done so. The PIC is the single-biggest investor in the SA economy with more than R2-trillion of assets under management, owned mainly by the Government ...
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