The technology company has refuted claims made at the PIC inquiry that it misrepresented earnings
Ayo Technology Solutions is African Equity Empowerment Investments’ biggest investment. Picture: 123RF — GONGZSTUDIO
In December 2017, the PIC controversially invested R4.3bn into Ayo, acquiring a 29% stake in the process at R43 a share — a far higher valuation than it was worth, some analysts and former executives have said. The exchange said it had also “kept abreast of numerous other allegations against Ayo Technologies from various sources”. extremely perturbed by the serious allegations” but it “strongly refutes such claims”.
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