I am following the testimony at the commission of inquiry into the Public Investment Corporation (PIC) with a great deal of interest. Somehow it is more gripping than the Zondo inquiry into state capture as it is more financially orientated. So far, it is drama all the way. My two favourite issues so far have been the devastating testimonies of Siphiwe Nodwele and Kevin Hardy, former executives of Ayo Technologies, and the interrogation of Bantu Holomisa by lawyers hired by Harith General Partners. Let’s start with Ayo. The allegations that its February 2018 interim financials were fraudulent trumps everything else we have heard or read to date about overvaluations. If true, this has serious implications for both Ayo as well as its listed parent company, African Equity Empowerment Investments (AEEI). If Ayo’s financials are incorrect, so are AEEI’s. It means investors have bought and sold the shares based on false information. The fact that it is alleged the massaging of the numbe...

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