The former CEO of the Public Investment Corporation (PIC) insists that the state-owned pension fund has not lost any money on its investment in Ayo Technology Solutions, an upstart tech outfit controlled by businessman Iqbal Survé that has slumped more than 80%.

Dan Matjila also told a commission investigating governance issues at the state-owned pension fund that the PIC’s decision not to invest in another Survé-backed company, Sagarmatha, was the reason the JSE listing of the company ultimately failed in April 2018.   

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