Ayo profit was adjusted, former CFO testifies
Naahied Gamieldien tells Public Investment Corporation inquiry she was asked to 'adjust' margins to increase Ayo Technology’s profit
The former CFO of Iqbal Survé-linked Ayo Technology Solutions has told the inquiry into the Public Investment Corporation (PIC) how she was asked to "adjust" margins to increase the company’s profit. Naahied Gamieldien, who served as CFO until her resignation in January 2019, is still employed at the company as the executive head for business transformation. She appeared under subpoena at the inquiry on Wednesday. According to Gamieldien, the CEO of Ayo parent African Equity Empowerment Investments (AEEI), Khalid Abdulla, who was also a board member of Ayo at the time, called her to a meeting at his home to discuss the technology company’s interim results for the period to end-February 2018. "I presented to him an Excel version of the results as prepared by the Ayo finance team. At this point, Ayo’s profit after tax was R32m," said Gamieldien. She said Abdulla questioned why the number was so low "as he was expecting a higher profitability and asked me to adjust the spreadsheet to r...
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