The Public Investment Corporation (PIC), the state-owned company that is Africa’s biggest asset manager, has fired the manager of the division that ultimately oversaw its R4.3bn investment into Iqbal Survé’s Ayo Technology Solutions.

The company, which oversees more than R2-trillion, mainly on behalf of government workers, said it was terminating Fidelis Madavo’s employment for "gross misconduct" after a disciplinary proceeding adjudicated by senior counsel, and which involved representations by itself and Madavo.

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