According to financial results for the year ending August, Ayo’s cash balance fell by R628m during the year
Iqbal Survé-controlled Ayo Technology Solutions’ cash balance is declining at a rapid rate according to financial results for the year ending August published on Friday.
Most of Ayo’s cash stockpile was the result of a controversial investment by the Public Investment Corporation , which saw the state-owned asset manager acquiring 29% of the company for R4.3bn in December 2017. A number of PIC employees described serious irregularities in the decision by the money manager to invest in the Survé-controlled businessAyo’s reviewed annual results were overseen but not audited by BDO SA, which notified investors in October that they would not be seeking a renewal of its contract with the company when it comes to an end this month.Revenue increased by 207% to R1.9bn through both an increase in the rendering of services and the sale of goods.
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