Naahied Gamieldien tells Public Investment Corporation inquiry she was asked to 'adjust' margins to increase Ayo Technology’s profit
The former CFO of Iqbal Survé-linked Ayo Technology Solutions has told the inquiry into the Public Investment Corporation how she was asked to"adjust" margins to increase the company’s profit.
"I presented to him an Excel version of the results as prepared by the Ayo finance team. At this point, Ayo’s profit after tax was R32m," said Gamieldien. In December 2017, the PIC controversially invested R4.3bn in Ayo for a 29% stake, allegedly at an inflated valuation.
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