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Flouting of governance, approval processes led to suspension of PIC execs

The PIC released a statement about the reasons behind the suspension of Fidelis Madavo and Victor Seanie.

A screengrab of executive head of listed investments Fidelis Madavo giving evidence at the PIC Inquiry on 22 January 2019.

PRETORIA - The Public Investment Corporation (PIC) says a preliminary investigation has shown blatant flouting of governance and approval processes resulting in the suspension of two employees.

One of them, Fidelis Madavo, took the stand on Tuesday to testify at the judicial commission of inquiry into the PIC.

The PIC, wholly owned by government, is the largest investor on the continent which manages government pension and other funds worth about R2 trillion.

Shortly after it was announced at the PIC inquiry that Madavo received a suspension letter on Monday night, the PIC released a statement about the reasons behind this move.

Madavo and the assistant portfolio manager Victor Seanie have been suspended following a preliminary investigation into the Ayo Technology Solution transaction, with a specific focus on the role that employees of the PIC may have played.

The R4.3 billion transaction has been labelled controversial.

The PIC invested in Ayo at the time of its listing on the JSE for just a 29% stake and some analysts questioned how the PIC could justify the valuation for a business that had a net asset value of just a few cents per share.

Meanwhile, Madavo says he wasn’t involved in the Ayo transaction.

(Edited by Mihlali Ntsabo)