An Ayo executive spilled the beans on the company's governance issues after being subpoenaed to appear before the commission.
Former CEO Kevin Hardy said Ayo had artificially inflated its financial results, and Wednesday’s witness provided additional detail. Picture: Supplied
Naahied Gamieldien, former chief financial officer and current transformation executive at Ayo, outlined to the commission on Wednesday how the company would be loss-making without the PIC’s investment, how the company had tampered with its financial results, and how it had used PIC money for purposes that were not agreed upon with the state asset manager.
The company’s profit after tax , as prepared by its finance team, was R32 million at a gross profit margin of 30%. Gamieldien said Abdulla asked her to “adjust the spreadsheet to reflect the usual margins to show what effect that would have on PAT”. In response to the allegations made by Hardy, Ayo said it would cooperate with the JSE and “strongly” refuted the claims that it had misrepresented its financials.
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