Abdul Malick Salie directly contradicts Survé’s denial that he had nothing to do with the listing
Businessman Iqbal Survé personally influenced the allegedly inflated valuation of Ayo Technology Solutions ahead of its listing on the JSE in 2017, the company’s chief investment officer testified on Tuesday.
Ayo’s former chief information officer Siphiwe Nodwele, previously testified at the inquiry that the company had exaggerated its value at the time it was seeking an investment from the PIC, and had given the market misleading information on its revenue prospects. An allegation of accounting manipulation was also put forth by Ayo’s previous CEO, Kevin Hardy, in his testimony before the commission.
“Survé was was of the view that the desired value of Ayo be set between R10bn and R15bn,” Salie testified. “At the meeting, Survé’s recommendations were incorporated in the draft PLS and a valuation of R13bn was determined.” On Tuesday, Salie also described being privy to discussions held between Survé and former PIC CEO Dan Matjila long before the listing was even made public.
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