PIC auditing head Nemagovhani tasked to dig into Ayo transaction

Lufuno Nemagovhani has told the PIC commission of inquiry that he’s been tasked with investigating this R4.3 billion investment which resulted in two suspensions on Tuesday.

A screengrab of PIC head of internal audit Lufuno Nemagovhani giving evidence at the PIC inquiry on 23 January 2019.

JOHANNESBURG – The head of the Public Investment Corporation (PIC)’s internal audit department says the controversial Ayo Investment was signed off before the relevant approvals.

Lufuno Nemagovhani has told the PIC commission of inquiry that he’s been tasked with investigating this R4.3 billion investment which resulted in two suspensions on Tuesday.

Nemagovhani says he has been investigating the Ayo transaction which clearly reflects a blatant flouting of governance and approval processes of the PIC.

He says he raised an audit query in May last year and has now been tasked with digging deeper.

One of the issues is that the payment and approval for the Ayo investment was signed off before the requisite committee could meet to approve the deal.

The interim findings resulted in Fidelis Madavo, who testified on Tuesday, and his colleague being suspended with immediate effect.

(Edited by Leeto M Khoza)