Secret tape reveals how Iqbal Survé plotted to hide key info from PIC in Ayo deal

03 February 2019 - 07:35 By CAIPHUS KGOSANA
Iqbal Survé.
Iqbal Survé.

An explosive secret recording has revealed how media owner and businessman Iqbal Survé colluded to withhold key information from the Public Investment Corporation (PIC) that led to the fund manager controversially investing R4.3bn of government pension money in one of his companies.

In the recording, Survé can be heard plotting with board members of Ayo Technology Solutions, an IT company in which he has a significant stake. They discuss withholding from the PIC information about a crucial transaction they promised in the deal that would now be off the table.

On Friday, the directors of the PIC asked finance minister Tito Mboweni to relieve them from the board.

Yesterday Survé admitted to having addressed the Ayo board over the PIC's concerns, but said it was only to clear the confusion around whether the BT deal was still happening or not.

Read the full story and listen to the recording on Sunday Times.