Controversy surrounding Ayo Technology, the company that has been at the centre of alleged governance failures being investigated at the commission of inquiry into the Public Investment Corporation (PIC), took a new twist on Monday with allegations of bribery and doctored financial statements. Kevin Hardy, a former head of British Telecom SA who Iqbal Survé recruited to run the technology business, told the Mpati commission on Monday that the owner of Independent Media Group had offered him a bribe to prevent his resignation from the company. That followed testimony from Ayo’s former chief investment officer, Siphiwe Nodwele, that the company had exaggerated its value at the time when it was seeking an investment from the PIC and had given the market misleading information on its revenue prospects. Hardy and Nodwele quit in August 2018, joining four other executives who left that week, saying the company’s leadership had failed to address their governance concerns. The PIC’s decisio...

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