JOHANNESBURG - A request for liquidity to be created, in order to fund a subscription for Ayo Technology Solutions (AYO), was neither unusual nor irregular.
This is according to former Public Investment Corporation (PIC) chief executive and investment officer, Dr Daniel Matjila, who continued giving his testimony in Pretoria on Thursday at the Commission of Inquiry into alleged impropriety at the PIC.
Matjila was in his second day of explaining the PIC's dealings with AYO - an IT services management company.
"The PIC must liquidate assets for fund acquisitions. It has no other source of capital from which to fund these acquisitions," Matjila said.
He added that unlike companies who were currently facing scrutiny at the State Capture Commission in Parktown, the PIC does not keep plenty of cash in the safe to fund acquisitions.