PIC ‘pressured over Ayo’s listing date’ despite being sole investor, probe told
But former boss Dan Matjila denies influencing anyone to make specific recommendations, including about the valuation of the company
Although the Public Investment Corporation (PIC) was the only investor to buy shares in Ayo Technology Solutions when the company listed on the JSE in December 2017, the investment manager appeared to have no influence on the date of the listing.
According to the testimony of Victor Seanie at a commission of inquiry into the PIC’s affairs, the PIC’s analyst responsible for assessing the value of the Ayo shares, this put the teams under enormous pressure to meet the December 15 deadline. ..