PIC to take disciplinary action against 11 staff over R4bn Ayo investment

26 June 2019 - 10:59 By CAROL PATON AND WARREN THOMPSON
Businessman Iqbal Surve has a large indirect stake in Ayo Technologies.
Businessman Iqbal Surve has a large indirect stake in Ayo Technologies.
Image: Gallo Images / Foto24 / Lerato Maduna

The Public Investment Corporation (PIC), which manages more than R2-trillion in government employees’ pension money and other government funds, is poised to take disciplinary action against 11 staff members for their part in the decision to invest more than R4bn in Ayo Technologies.

The recommendation, in an internal PIC report verified by Business Day, comes as the fallout from the organisation’s decision to take part in Ayo’s initial public listing in December 2017 at an inflated valuation continues to bedevil Africa’s biggest fund manager.


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