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.
Salie then described a meeting between himself, Khalid Abdulla and Survé, in which the draft, pre-listing statement was reviewed and which included plans to supplement Ayo with other Sekunjalo Group IT assets. Sekunjalo is a group controlled by Survé’s family trusts. The PIC, which manages more than R2-trillion in assets on behalf of the Government Employees Pension Fund and other social security funds, has been embroiled in numerous controversies that include allegations of corruption against a number of its directors, prompting the entire board to resign in February.
“Was this even before the finalisation of the valuation, and before even a draft PLS statement had been produced?” asked evidence leader, Jannie Lubbe. “Yes, that is correct,” replied Salie.
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