A report into allegations of impropriety at the Public Investment Corporation (PIC) has detailed the role played by Dan Matjila, former CEO of Africa's largest fund manager, in subverting investment processes in order to speed up a R4.3bn share subscription in controversial Ayo Technology Solutions.

The report also revealed that businessman Iqbal Survé paid a R4m "bonus" to PSG Capital for the successful listing of Ayo on the JSE.

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