Pretoria - Emmanuel Lediga, an assistant to the commissioner Justice Lex Mpati, on Wednesday questioned businessman Dr Iqbal Survé on why Sagamartha Technologies did not seek funding in Silicon Valley where multi-sided platforms (MSPs) are understood instead of approaching the Public Investment Corporation (PIC).
Survé, who is Executive Chairman of Sekunjalo Group and a shareholder in companies including AEEI (African Equity Empowerment Investments), AYO Technology Solutions and Independent Media, is testifying before the Mpati Commission of Inquiry into allegations of impropriety at the PIC.
In his wide-ranging testimony which started on Monday. Survé has touched on the country’s black economic empowerment (BEE) model; the PIC’s R4.3 billion investment in AYO; the scuppered listing of Multi Sided Platform company Sagarmatha Technologies; as well as the acquisition of Independent Media in 2013.
Testifying for the second day at the Mpati Commission of Inquiry, Survé told the hearing in Pretoria on Wednesday that the PIC could make a tremendous amount of money, diversify its exposure to risk and ensure Africans own their own data if they invested in Sagarmatha Technologies.
Survé, who confirms he is an investor in Sagarmatha (but not on the Board of Directors or part of the management team), said Sagarmatha was the equivalent of an African Amazon which had huge potential for the African continent.