Ayo execs blew whistle over Survé-linked conflicts of interest
Damning letter alleges ‘lack of professionalism ’ and interference in the affairs of the company by board members and executives linked to Survé-controlled entities
A leaked letter written to the board of Ayo Technology Solutions by its executive team reveals a host of concerns regarding corporate governance issues at the company. Ayo is controlled by African Empowered Equity Investments (AEEI) which owns about 49% of the shares. Iqbal Survé's Sekunjalo Investment Holdings in turn controls 61% of AEEI. The damning letter alleges "lack of professionalism" and interference in the affairs of the company by board members and executives linked to Survé-controlled entities. Ayo was listed on the JSE in December last year following a controversial private placement that saw the Public Investment Corporation (PIC) subscribe for the entire private offering at a price of R43 a share — a R4.3bn investment for a 29% stake. The offer raised eyebrows as the net asset value of Ayo at the time was just 15 cents per share. Ayo shares are barely traded, but on Friday were offered at R23.65 a share. In August, Ayo issued a Sens announcement stating its CEO Kevin ...
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