Photo: Simphiwe Mbokazi.African News Agency (ANA)
Photo: Simphiwe Mbokazi.African News Agency (ANA)

AYO responds to Business Day article

By Staff Reporter Time of article published Feb 26, 2019

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JOHANNESBURG -  The JSE listed company, AYO Technology, has responded to the front page article of the Business Day on Tuesday morning. 

AYO released a statement via Sens, which stated, "Shareholders are referred to the article published in the BusinessDay on 26  February 2019 referring to the compliance notice issued by the Companies and  Intellectual Property Commission (“CIPC”) requiring that the Public  Investment Corporation (“PIC”) recoup its investment in AYO. AYO has not had  sight of such compliance notice.   AYO will formally respond via SENS to shareholders this morning, but believes  the grounds for such recoupment have no merit and are baseless."

 The PIC Commission of Inquiry continued yesterday, with Deputy Finance Minister Mondli Gungubele’s turn to be quizzed. 

The Board of the Public Investment Corporation (PIC), of which Gungubele is also the chairperson, is currently in limbo.  

If any decisions are made, the current members who have all asked to be relieved of their duties will not be held accountable in the near future for any decisions made at an institution that is responsible for close to R2 trillion worth of government pension funds.

The lack of accountability and the negative effects that this may have on the national fiscus formed part of Gungubele’s testimony during the PIC inquiry, which is chaired by former Supreme Court Justice Lex Mpati.

Gill Marcus, the former Reserve Bank Governor, who is also assisting the commission, grilled Gungubele on the status of the board, after the mass resignation which followed damning allegations by whistle-blower James Noko (not his/her real name), and which implicated the deputy finance minister, board member Sibusisiwe Zulu, her live-in lover Lawrence Mulaudzi, current acting chief executive Matshepo More and board member Dudu Hlatshwayo.


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