The de facto owner of Ayo Technology Solutions, Iqbal Survé, will almost certainly have to return to the commission of inquiry into the affairs of the Public Investment Corp (PIC) to respond to serious allegations levelled at him in testimony from two previous executives of the company. The inquiry, which is being chaired by retired Supreme Court of Appeal judge Lex Mpati, heard testimony this week from Siphiwe Nodwele, Ayo's one-time chief investment officer, and Kevin Hardy, its previous CEO. The two executives were hired shortly before Ayo Technologies listed on the JSE, in December 2017. Survé controls the company through ownership of related entities, most notably African Equity Empowerment Investments (AEEI), which holds 49% of the shares. The state-owned PIC was the only asset manager to subscribe for shares at Ayo's listing, investing R4.3bn at R43 a share to buy a 29% stake. The PIC is the largest single investor in Africa, with funds in excess of R2-trillion. Most of the f...

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