PRETORIA – The Financial Sector Conduct Authority (FSCA) never received any irregularity report with regard to the Public Investment Corporation’s (PIC’s) investment into AYO Technology Solutions.
This was revealed by the divisional executive for licensing and the business centre at the Financial Sector Conduct Authority (FSCA), Felicity Mabaso, during her submission to the PIC Commission of Inquiry, which resumed on Monday.
Mabaso told the Commission that the FSCA was informed that there were no mandate breaches in what is now known as the AYO transaction.
She, however, said: “We will follow up from our side as we are following these proceedings, and are noting the submissions being made by the witnesses so we can make an informed decision.”
Mabaso also told the Commission that the Financial Services Board (FSB) in May 2017 received a letter from the Organisation Undoing Tax Abuse (Outa) dealing with the investment of funds by financial services providers into maladministered state-owned entities.