PIC invested in Ayo because of CEO friendship: witness

Two surprise witnesses are expected at the PIC inquiry today. One is an employee of the company. The other might be Deputy Finance Minister Mondli Gungubele, who is the PIC board chairperson.

JOHANNESBURG - Personal relationships were the motivation behind the controversial investment into Ayo Technology Solutions, according to a suspended PIC employee testifying at the inquiry.

Suspended PIC assistant portfolio manager Victor Seanie told the inquiry that the friendship between former PIC CEO Dan Matjila, and Ayo owner, Iqbal Survé was the primary driver of the asset manager's investment in the technology company.

Seanie testified at the inquiry on Wednesday.

WATCH: PIC inquiry adjourned

He was suspended for "a blatant flouting of governance and approval processes of the PIC" according to a statement released by the organisation.

On Tuesday, former non-executive director, Claudia Manning told the inquiry that the board is divided.

She said instability at the pension fund manager began after cabinet reshuffles by former president Jacob Zuma.


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