PIC board chair Gungubele ready to share Ayo transaction report with commission

The R4.3 billion investment in Iqbal Surve's Ayo Technologies company by the PIC was flagged as controversial for some time, prompting an internal investigation.

FILE: Deputy Finance Minister and PIC board chairperson Mondli Gungubele: GCIS

PRETORIA - The chairperson of the Public Investment Corporation (PIC) Mondli Gungubele says that he will unashamedly share the investigation report into the Ayo transaction with the commission of inquiry.

Two PIC employees were suspended on Tuesday, one of them Fidelis Madavo who testified at the inquiry a few hours after being suspended.

The R4.3 billion investment in Iqbal Surve's Ayo Technologies company by the PIC was flagged as controversial for some time, prompting an internal investigation.

Madavo told the commission that he can't understand why he was suspended because he wasn’t directly involved in the approval of the Ayo transaction, saying he was out of the country at the time.

He also pointed out that the investment was given to his team by former CEO Dan Matjila, who resigned late last year.

Gungubele says he had to commission an investigation last year.

Despite evidence leader Jannie Lubbe accusing the PIC of running a parallel investigation, Gungubele says he's clarified this with the commission.

“The portfolio committee in December raised the matter of Ayo Solutions so strongly that I had to commission an inquiry.”

Meanwhile, Madavo says he is not aware of any improprieties despite some failings with the Ayo deal.

(Edited by Mihlali Ntsabo)