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ATM president defends AYO after JSE fine

Published Aug 30, 2020


Johannesburg - The President of African Transformation Movement (ATM), Vuyo Zungula, says the treatment of AYO Technology Solutions by the Johannesburg Stock Exchange (JSE) was “expected” as there is an alleged bid by the institution to eliminate competition from black businesses.

Zungula said this on Friday while being hosted on Polotiki, a political programme hosted by Sifiso Mahlangu on Galaxy Universal Network which airs on channel 500 on StarSat. Mahlangu is also the executive editor for politics at Independent Media.

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Zungula was one of the many prominent people who early this week were outraged by the decision of the JSE to impose a fine of R6.5 million on AYO - a fine higher than that imposed on EOH and Tongaat Hulett. The JSE alleged that the tech company (AYO) misrepresented its financial statement two years ago.

Zungula alleged that AYO Technology Solutions was paying a heavy price for the vocalness on transformation issues by Dr Iqbal Survé, the chairman of Sekunjalo Group which owns the company.

“In our country, we have got institutions that are there to keep the status quo, institutions that are there to make sure that there is no transformation in our country. Therefore when individuals speak openly and challenge these institutions obviously… they have got all the powers to deal with those individuals,” he said.

In this case the individuals, Zungula alleges that are being victimised are Dr Survé, the many executives of the companies under his portfolio and their hundreds of employees.

Zungula further lambasted the JSE saying if it had led the transformation agenda and the country which is majority black would not have a financial bourse with only 2 percent of companies that are fully owned by blacks.

“And this is not the last one, other people who decide to take on the institutions and this system will be dealt with the same way they have dealt with Dr Iqbal. So it is a reality that we need to accept as South Africans that when we are talking about the transformation it’s not going to come on a silver platter. We need to fight and we need to support the individuals that are pushing for transformation,” Zungula said.

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He added that “we are doomed as a country” because ordinary citizens were not alive to the fact that the system is victimising the people who are fighting for transformation and vocal against it.

“So we are doomed as a country if the people do not start acting because we can’t talk up until Jesus comes back. There needs to be a time whereby the government, the institutions must know that when you are talking about the ordinary citizens of our country...not citizens that are going to be keyboard warriors...but are citizens that are able to take it to the street if need be.

“So that ultimately the next 26 years must be so different from the past 36 years in the sense that the structure of the economy needs to be tilted towards the African majority. So that is what we need to do as citizens, to rise up and act.”

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AYO has so far not issued a statement about the fine and whether it will appeal it with the JSE or challenge it in court.

Political Bureau

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