The PIC board, chaired by Deputy Finance Minister Mondli Gungubele, largely ignored the alarm raised by its internal audit unit about the R4.3 billion worth of Ayo Technology Solutions shares it had acquired
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PIC board chair Gungubele ready to share Ayo transaction report with commissionThe R4.3 billion investment in Iqbal Surve's Ayo Technologies company by the PIC was flagged as controversial for some time, prompting an internal investigation.
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PIC auditing head Nemagovhani tasked to dig into Ayo transactionLufuno Nemagovhani has told the PIC commission of inquiry that he’s been tasked with investigating this R4.3 billion investment which resulted in two suspensions on Tuesday.
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PIC failed to act on AYO Technology report, inquiry hearsThe PIC failed to act on findings made by its internal audit team of due diligence failings on the Ayo Technology Solutions transaction, Lufuno Nemagovhani told the judicial commission of inquiry into allegations of impropriety at the PIC.
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Top PIC executive suspended over AYO Technology Solutions investmentThe commission of inquiry probing governance and investment decisiosn at the state asset manager learnt that the corporation's Head of Listed Investments, Fidelis Madavo, has been suspended.
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PIC executive suspended over R4.3bn transaction ahead of commission testimonyThe suspension is a result of an investigation into PIC's payment to take up the full initial public offering of Ayo Technology.
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PIC suspends two staff members following probe into Ayo dealThe board of the Public Investment Corporation (PIC) on Tuesday announced that it has suspended one of its executives and a staff member following the completion of a preliminary probe report into the Ayo Technology Solution transaction.
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Suspended PIC executive denies impropriety in Ayo investmentFidelis Madavo, executive head of the Public Investment Corporation’s Listed Investments unit, was suspended this morning prior to testifying.
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