Ayo Technology Solutions deal under scrutiny

Former AYO Chief Investment Officer, Malick Salie says he resigned because of internal and external pressures, relating to governance. Courtesy #DStv403

JOHANNESBURG - Former Ayo Technology Solutions chief investment officer Malick Salie says the company was valued much more than what it appeared to be in reality.

Salie appeared before the Commission of Inquiry into the Public Investment Corporation and says Iqbal Surve stretched out a value of the company to be just under R15-billion.

“It appears to me and I’m putting it to you. This is a juggling of figures and the end result is a thumb suck”, said Salie.

WATCH: PIC Inquiry resumes after two-week break

During his testimony, Surve told the inquiry he left the listing of the company up to the team but Salie says that is a lie and claims Surve was very much involved.

"During the listing period, the team had various interactions with Dr Surve, who set the tone PLS and provided expectations of the value of Ayo."

Another issue brought to the inquiry’s attention is the matter of the 2018 interim results, which Salie has been implicated in tampering with Ayo’s results.

However, he says he was not part of the financial team at that time and cannot answer.

The commission will resume on Wednesday.

Source
eNCA