The Johannesburg Stock Exchange (JSE) has been slammed for the way it has imposed a heavy fine on AYO Technology Solutions for alleged accounting irregularities.
Both companies were fined R7.5 million but their fines were lower as R2.5 million was suspended for a few years, lowering their fines to R5 million. AYO Technology was summarily fined R6.5 million and its fine was not partly suspended.
“Here we are talking about an organisation that only spoke once, released a single statement in November 2017 about Steinhoff. There has never been any communication since then to the South Africans. They have since penalised AYO Technology for doings they deemed to have been corrupt or ought to have hidden certain finances and have not paid enough tax in 2018.
Senokoane said the system which was inherited from the apartheid years has not changed and it always punishes those who challenge it. He was emphatic that AYO is being badly treated by the system. “The white system has gatekeepers who determine the rule of the game and it even goes as far as determining treatment and punishment will give to those who are anti the system. So where we are sitting now is a reaction of the system based on his particular contribution in disturbing the system,’ he said.
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