Ayo Technology Solutions’ plan to capture as much as 8% of South Africa’s ICT market was not without substance. But at least one expert claims its revenue forecasts were more than a little overblown. If true, this may strengthen the PIC’s R4.3bn claim.
“Unrealistic and fanciful.” That’s how accounting expert Harvey Wainer describes the forecast contained in Ayo Technology Solutions’ prelisting statement — the statement used to persuade the Public Investment Corp to splurge a hefty R4.3bn on the previously unknown company in December 2017.
Wainer was giving evidence in the civil case the PIC has launched in an attempt to claw back those billions, as well as some interest. The country’s largest asset manager, which invests on behalf of government employees, claims that Ayo misrepresented what it intended to do with the funds, and overstated its crucial relationship with British Telecoms South Africa ...
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