The union has called on the PIC to provide details of the settlement with Ayo, failing which it will consider litigationThe Public Servants Association has said it rejects the
secretive deal between the Public Investment Corporation and Ayo Technology Solutions, and has demanded transparency about the settlement.On Friday, the PIC announced it had reached a settlement regarding the proceedings it had instituted in the Western Cape High Court, where it was seeking to recover a R4.3bn investment in Ayo.The details of the settlement, which were made an order of the court, were not disclosed by the PIC.
The union said it represented a significant number of employees belonging to the Government Employees Pension Fund and had a significant and direct interest in how GEPF assets were invested. “The question that remains is whether Ayo misrepresented itself when it secured R4.3bn in funding from the PIC.“The stock value of Ayo has fallen from R43 to R4.70 per share, which has major financial implications for the GEPF and its members.”The PSA said the investment was another indication that the PIC’s strategy was not in line with its own mandate. It said reckless investments were compromising the GEPF and its members.
The current state of affairs and the manner in which the PIC, as a plaintiff, settled this matter in secrecy leaves much to be desired.”
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Ayo Technology reaches secret settlement with the PICCompany controlled by Independent Media owner Iqbal Survé says talks with the Public Investment Corporation reached an ‘amicable conclusion’ Is the PIC a private or public institution. More secrets. Why?
Source: BDliveSA - 🏆 12. / 63 Read more »
Ayo forecasts were ‘unrealistic and fanciful’, claims expertAyo Technology Solutions’ plan to capture as much as 8% of South Africa’s ICT market was not without substance. But at least one expert claims its revenue forecasts were more than a little overblown. If true, this may strengthen the PIC’s R4.3bn claim against the company Hello Everyone. I can’t just say how grateful I’m to Micheal_1thomas Him the best thing that has happened to me after my failed past experience with crypto trading. Do anything crypto with him. Micheal_1thomas That’s what due diligence before the making the deal is for, surely?
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Ayo forecasts were ‘unrealistic and fanciful’, claims expertAyo Technology Solutions’ plan to capture as much as 8% of South Africa’s ICT market was not without substance. But at least one expert claims its revenue forecasts were more than a little overblown. If true, this may strengthen the PIC’s R4.3bn claim against the company To me it appears simple. Survey lied, AYO lied. About everything. It was all bullshit. They then vacuumed out the PIC's cash as 'dividends'. But how on earth does this relate to their mediated settlement announced Friday ?
Source: FinancialMail - 🏆 20. / 63 Read more »