As its settlement debacle with Ayo shows, the corporation is again serving up the opposite of what is needed — accountability and transparency.
As its settlement debacle with Ayo shows, the corporation is again serving up the opposite of what is needed from the country’s largest asset manager — accountability and transparencyIt says much that it took the JSE to remind South Africa’s largest investor, the Public Investment Corp , that it couldn’t keep the details of its “settlement” with Iqbal Survé-controlled Ayo Technology Solutions secret from 1.3-million government employees on whose behalf it invests.
Chastened, the PIC then took Ayo to court to reclaim the R4.3bn, arguing that the agreement was “unlawful”, that Ayo had made “misrepresentations” and that its pie-in-the-sky profit projections “didThe import was immense: for the state-owned asset manager to be duped into ploughing billions into a thumb-suck valuation has implications for its stewardship of state pensions, the state balance sheet and governance at Africa’s largest asset manager.
Yet how did the PIC and its “advisers” think it could take everyone for fools, given that this settlement was an order of court, and hence public? After all, the PIC is an institution that claims it is “accountable to our stakeholders in everything we do, as well as for every decision we make”. It’s senseless obfuscation; Daily Maverick had spilt the terms of that settlement into the public domain more than a week before. Had Ayo, and the PIC, any real commitment to investment transparency, they would have released the terms themselves. Daily Maverick can be commended for filling in the gaps.
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