Iqbal Survé-controlled Ayo Technology Solutions’ cash balance is declining at a rapid rate according to financial results for the year ending August published on Friday.
Most of Ayo’s cash stockpile was the result of a controversial investment by the Public Investment Corporation , which saw the state-owned asset manager acquiring 29% of the company for R4.3bn in December 2017. A number of PIC employees described serious irregularities in the decision by the money manager to invest in the Survé-controlled businessAyo’s reviewed annual results were overseen but not audited by BDO SA, which notified investors in October that they would not be seeking a renewal of its contract with the company when it comes to an end this month.Revenue increased by 207% to R1.9bn through both an increase in the rendering of services and the sale of goods.
Money is going and the pension monies gone and no one will be jailed ,, watch this happen
dougieoakes FIC, SSA, Reserve Bank together with banks should urged to be on high alert for any irregularities and illicit financial flow and money laundering since PIC is seeking GEPF money back. Once bitten by Guptas, Steinhoff etc, twice shy TreasuryRSA ParliamentofRSA
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