WATCH LIVE: Former AYO executive testifies at the #PICInquiry
JOHANNESBURG - The Public Investment Corporation (PIC) Commission of Inquiry into impropriety, led by retired Judge Lex Mpati continues today in Pretoria.
Today the the Inquiry, Naahied Gamieldien will take the stand firs this morning. Gamieldien was subpoenaed to testify as a former Ayo Technology Solutions board member. She has since resigned as CFO and acting CEO.
Director of Harish and Lebashe Tshepo Mahloele said on Tuesday that the seed capital loan of about R22 million from the Public Investment Corporation had been fully repaid, with interest.
Mahloele, who was testifying before the Judge Lex Mpati-led PIC Commission of Inquiry, said nevertheless, the PIC retained its 46 percent stake to this day without at any time being exposed to any risk on its own account.
He said the PIC obtained this substantial stake in Harith Fund Managers (HFM), the largest single shareholding, since it had provided the seed capital loan in an amount calculated at just less than R22m, excluding interest, as the initiator of the concept, it had a material interest in the overall success of the Pan-African Infrastructure Development Fund (PAIDF).
“Far from our ‘fleecing’ or ‘Iooting’ the PIC, as Mr (Bantu) Holomisa has irrationally alleged, the PIC has benefitted and continues to benefit by way of its large equity stake in HFM,” said Mahloele.
BUSINESS REPORT ONLINE