The Public Investment Corp’s (PIC) formal account of the events surrounding its R4.3bn investment in Ayo Technologies, available in recent court papers, is an even more damning version than was presented by PIC employees to the Mpati commission.

There was no due diligence, former CEO Dan Matjila did not have the authority to do the deal and Iqbal Survé’s Ayo misrepresented most of the facts, including that there were other investors prepared to pay R43 a share for it...

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