PIC directors ordered to recoup R4.3bn from Ayo

PIC directors ordered to recoup R4.3bn from Ayo Compliance notice from watchdog says executives knowingly caused harm to asset manager 26 February 2019 - 05:10 carol paton Iqbal Survé. Picture: TREVOR SAMSON In an unprecedented move, the organisation that administers and enforces the Companies Act has instructed the Public Investment Corporation to recover the R4.3bn it invested in Ayo Technology Solutions.

In making the investment, directors had knowingly caused harm to Africa’s largest asset manager, the Companies and Intellectual Property Commission said in a compliance letter sent by commissioner Rory Voller on Thursday. It is the latest in a snowballing series of disasters for Ayo and Iqbal Survé, who holds a large indirect stake in the company.

politicsblahbla DR Survey will say this is anti - transformation forces & play the race card while people of colour are struggling at Independent 😓

politicsblahbla CC Magda_Wierzycka

politicsblahbla tito_mboweni CyrilRamaphosa please monitor that government pensioners fund gets their money back. This is a right move towards instilling order, same should be recovered from those who received tenders from government and garnish salaries of those in government too

politicsblahbla Best news of the day. The work of recovering money will be not easy. But the new unit in the NPA and the recently announced Tribunal, with wide powers to fast track recovery from corruption are showing the President's commitment to end this sad chapter.

politicsblahbla gud, y mst R4,3 bb go to 1 individual

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