Censure and monetary fines have been imposed against the former CFO of Ayo Technology Solutions, Naahied Gamieldien, and the former director of African Equity Empowerment Investments, Abdul Malick Salie, for breaching JSE listing rules. The transgressio...
Two former directors of businesses linked to Iqbal Survé’s Sekunjalo group of companies have landed in hot water with the JSE for engaging in various business practices that contravene the bourse’s listing rules — another example of governance problems at Survé’s entities.
Second, the Public Investment Corporation invested R4.3-billion into Ayo when other asset managers refused to do so. The PIC acquired a 29% stake, valuing the company at R14.8-billion. Ayo’s former chief investment officer, Siphiwe Nodwele, testified at a commission of inquiry into the PIC’s governance affairs that even a R1-billion valuation on Ayo “would have been extreme”.
But in a series of business dealings with 3 Laws Capital from 22 December 2017 to 22 February 2019, Ayo didn’t inform the JSE or its shareholders. In these dealings, funds worth R870-million moved back and forth from the bank accounts of 3 Laws Capital and Ayo in several instances, which include: But what made the money transfers pernicious in Ayo’s case is that its shareholders or the JSE were never informed of the transfers.
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