Witnesses before the commission say Survè was afraid that he would not have influence over the PIC and its funds after the Nasrec conference.
Ayo Technology Solutions rushed the listing process due to fears that it would not be able to secure funds from the Public Investment Corporation after the African National Congress elected a new leader at its December conference.
The ANC held its 54th elective conference in Nasrec in December 2017, between the 16th and the 20th, where President Cyril Ramaphosa was elected Jacob Zuma’s successor. Former chief executive Kevin Hardy echoed Nodwele’s testimony and told the commission that they were “naive” about the process and trusted that Ayo’s majority shareholder Africa Equity Empowerment Investments and Survé knew what they were doing.
Meanwhile, the JSE will be called before the commission of inquiry probing governance issues at the PIC to answer questions around allegations of “deliberately scuppering” the Sagarmatha Technologies listing.
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