Iqbal Survé-linked Ayo Technology Solutions says the Public Investment Corp (PIC) should have checked the small print before it rushed to commit R4.3bn for a 29% stake in the dying days of 2017 — when everyone, including small-print readers, is on holiday.

It seems Ayo didn’t give the PIC an undertaking that its money was going into a business that would be pumping out revenue of R4.4bn and gross profit of R1.4bn a year later. These figures were little more than wishful thinking, or as Ayo explains, forward-looking statements, which apparently shouldn’t be taken too seriously.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now