CAPE TOWN – The chairperson of the board of AYO Technology Solutions, Advocate Wallace Mgoqi, said on Tuesday that he was delighted that the Commission of Inquiry into alleged impropriety at the Public Investment Corporation (PIC), for the first time, was able to hear directly from the former chief executive of the PIC, Dr Dan Matjila, about the investment into AYO.
In an exclusive interview with Business Report, Mgoqi reiterated the following points that were made by Matjila after his mammoth 12-day testimony: “The PIC’s investment into AYO is sound, the R4.3 billion investment is still intact and the PIC’s move to recoup its investment is a suboptimal approach.”
Matjila said: “I think it is a suboptimal approach. I mean unless the law has been broken somewhere and the JSE has not done its work in approving the PLS (pre-listing statement), the basis of which, an investment was made,” Matjila said.
Mgoqi applauded Matjila on his clear, concise and unbending testimony which reflected a well-rounded view of the AYO transaction in as much as, AYO is in fact a viable and long-term investment.
“AYO is still focused on delivering value – to all shareholders and stakeholders – despite the vitriol that it has been subjected to in recent months,” he said.