The Public Servants Association says it rejects the secretive deal between the Public Investment Corporation and Ayo Technology Solutions and demands transparency about the settlement.
The union has called on the PIC to provide details of the settlement with Ayo, failing which it will consider litigationThe Public Servants Association has said it rejects the
secretive deal between the Public Investment Corporation and Ayo Technology Solutions, and has demanded transparency about the settlement.On Friday, the PIC announced it had reached a settlement regarding the proceedings it had instituted in the Western Cape High Court, where it was seeking to recover a R4.3bn investment in Ayo.The details of the settlement, which were made an order of the court, were not disclosed by the PIC.
The union said it represented a significant number of employees belonging to the Government Employees Pension Fund and had a significant and direct interest in how GEPF assets were invested. “The question that remains is whether Ayo misrepresented itself when it secured R4.3bn in funding from the PIC.“The stock value of Ayo has fallen from R43 to R4.70 per share, which has major financial implications for the GEPF and its members.”The PSA said the investment was another indication that the PIC’s strategy was not in line with its own mandate. It said reckless investments were compromising the GEPF and its members.
The current state of affairs and the manner in which the PIC, as a plaintiff, settled this matter in secrecy leaves much to be desired.”
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