The Public Investment Corporation (PIC), which manages more than R2-trillion in government employees’ pension money and other government funds, is poised to take disciplinary action against 11 staff members for their part in the decision to invest more than R4bn in  Ayo Technologies.

The recommendation, in an internal PIC report verified by Business Day, comes as the fallout from the organisation’s decision to take part in Ayo’s initial public listing in December 2017 at an inflated valuation, continues to bedevil Africa’s biggest fund manager.

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