Iqbal Survé intimately involved in Ayo listing, PIC inquiry told
Abdul Malick Salie directly contradicts Survé’s denial that he had nothing to do with the listing
Businessman Iqbal Survé personally influenced the allegedly inflated valuation of Ayo Technology Solutions ahead of its listing on the JSE in 2017, the company’s chief investment officer testified on Tuesday. The statement and testimony provided to the inquiry into the Public Investment Corporation (PIC) by Abdul Malick Salie, who was involved in the listing of Ayo as an executive of African Equity Empowerment Investments (AEEI), directly contradicted the testimony of Survé, who controls AEEI and who has previously appeared before the commission. The JSE recently requested external audit opinions from both Ayo and AEEI, due to evidence presented at the PIC inquiry. AEEI holds 49.36% of Ayo, according to its website. Ayo’s former chief information officer Siphiwe Nodwele, previously testified at the inquiry that the company had exaggerated its value at the time it was seeking an investment from the PIC, and had given the market misleading information on its revenue prospects. ...
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