The PIC indicated a resistance to the British Telecommunications transaction, the PICInquiry was told.
PRETORIA – The Public Investment Corporation indicated a resistance to the British Telecommunications transaction, the PIC Commission of Inquiry was told on Tuesday.
Sekunjalo chairperson Dr Iqbal Survé, when making his submission to the commission, said this was conveyed to the company by former AYO executive, Kevin Hardy. Evidence submitted by several PIC executives, indicated that the AYO strategic alliance with BT South Africa, was key to its investment in the technology company.
Survé spoke about the toxic public media context that arose while the BT transaction was being negotiated and the knock-on effect. “What this meant is that BT became very concerned about the reputational harm that it would sustain if the transaction proceeded.”“There has, however, been ongoing engagement between the parties and I remain of the view that there is still some potential for that transaction to take place,” said Survé.
Survé said the fact that the BT acquisition failed, was not on account of AYO’s conduct in any way or form.
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