Public Investment Corporation shares in companies such as Anglo American were sold in order to free up funds to invest in Ayo Technology Solutions.
Gaanwe Adams, the portfolio manager of listed investments, told the commission she and two of her direct line managers — Lebogang Molebatsi and the executive head of listed investments Fidelis Madavo — received an email from former chief executive Dan Matjila “which said we should create liquidity to settle the subscription of Ayo shares”.
Matjila made the request on December 19 2017, just days after he had signed an irrevocable subscription agreement binding the PIC to invest in Ayo. This was despite the fact due diligence had not been completed and the relevant portfolio committee was not given the opportunity to approve the transaction.
However, Matjila’s first email instruction sent to Adams’s superior had detailed that liquidity should be created “by selling Anglo only”.Adams will furnish the commission with more details at a later stage.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PIC Inquiry: CEO Matjila claimed he ‘owned’ PIC as he risked IT systemFormer Public Investment Corporation CEO Dan Matjila put the organisation’s security at risk in his quest to uncover a whistleblower who accused him of corruption, the PIC Inquiry heard on Wednesday.
Source: dailymaverick - 🏆 3. / 84 Read more »
PIC board gave Dan Matjila licence to target whistle-blowers, axed executive Paul Magula saysThe PIC fired Magula in 2018 due to unsatisfactory overall performance and serious claims of negligence stemming from his time as a board member of VBS Mutual Bank Think we should build a new prison on seal island for all these fools?
Source: BDliveSA - 🏆 12. / 63 Read more »
'I own the PIC', ex-CEO Dan Matjila is said to have told employeeThe former head of the state asset manager's IT department also told the judicial commission of inquiry into the PIC that former PIC CEO Dan Matjila instructed her to hand over all admin passwords.
Source: News24 - 🏆 4. / 80 Read more »
Dan Matjila spied on his PIC executives, says former IT bossThe PIC's former CEO went to extraordinary lengths to establish the identity of an anonymous whistle-blower, she says
Source: BDliveSA - 🏆 12. / 63 Read more »
Matjila was ‘desperate’ to have R4.3bn Ayo deal approvedOn Monday, former PIC executive Paul Magula testified at the PIC commission of inquiry about Dan Matjila’s involvement in the dodgy investment in Ayo Technology Solutions. You were not going to put a pic if the person was white Racists
Source: ewnupdates - 🏆 30. / 53 Read more »
Matjila to be held accountable for Ayo Technology debacle: Molebatsi - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The general manager for listed equities at the PIC, Lebogang Molebatsi, told the commission of inquiry in to the PIC that he believes former CEO, Dr Dan Matjila should be held accountable for the Ayo Technology debacle
Source: SABC News Online - 🏆 32. / 51 Read more »
PIC, Ayo and CIPC to meet in courtThe PIC and Ayo Technology Solutions will meet the companies regulator at the high court in Pretoria on Tuesday morning in a bid to set aside the compliance notice instructing the PIC to recoup the R4.3-billion it invested in Ayo.
Source: mailandguardian - 🏆 2. / 92 Read more »
AYO Technology takes CIPC to court over R4.3bn PIC dealI was expecting this
Source: ewnupdates - 🏆 30. / 53 Read more »
Deadline for PIC to recover Ayo money suspendedThe deadline for officials to recover R4,3-billion back from Ayo Technologies has been suspended. Notice: If you ever worked for the government in SA and have a pension.....it's gone It has been existing fo a century now the movement of same age decided to destroy it instead of nurturing pic. Pathetic.
Source: eNCA - 🏆 49. / 51 Read more »
PIC employees pressured to get Ayo deal signed, inquiry hearsThe inquiry has continued to hear evidence about the dodgy R4.3 billion investment into media mogul Iqbal Survé's Ayo Technologies, with many witnesses pointing fingers at former CEO Dan Matjila.
Source: ewnupdates - 🏆 30. / 53 Read more »