20°C / 22°C
  • Sun
  • 33°C
  • 16°C
  • Mon
  • 33°C
  • 18°C
  • Tue
  • 29°C
  • 13°C
  • Wed
  • 28°C
  • 11°C
  • Thu
  • 33°C
  • 16°C
  • Fri
  • 32°C
  • 20°C
  • Sun
  • 20°C
  • 12°C
  • Mon
  • 18°C
  • 12°C
  • Tue
  • 21°C
  • 11°C
  • Wed
  • 18°C
  • 13°C
  • Thu
  • 19°C
  • 13°C
  • Fri
  • 17°C
  • 14°C
  • Sun
  • 34°C
  • 18°C
  • Mon
  • 36°C
  • 18°C
  • Tue
  • 33°C
  • 14°C
  • Wed
  • 30°C
  • 13°C
  • Thu
  • 36°C
  • 17°C
  • Fri
  • 34°C
  • 22°C
  • Sun
  • 35°C
  • 18°C
  • Mon
  • 34°C
  • 17°C
  • Tue
  • 29°C
  • 14°C
  • Wed
  • 30°C
  • 14°C
  • Thu
  • 35°C
  • 17°C
  • Fri
  • 33°C
  • 21°C
  • Sun
  • 31°C
  • 19°C
  • Mon
  • 24°C
  • 16°C
  • Tue
  • 18°C
  • 14°C
  • Wed
  • 29°C
  • 16°C
  • Thu
  • 23°C
  • 17°C
  • Fri
  • 26°C
  • 19°C
  • Sun
  • 21°C
  • 15°C
  • Mon
  • 18°C
  • 13°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 18°C
  • 12°C
  • Thu
  • 20°C
  • 11°C
  • Fri
  • 19°C
  • 13°C
  • Sun
  • 20°C
  • 11°C
  • Mon
  • 18°C
  • 10°C
  • Tue
  • 23°C
  • 8°C
  • Wed
  • 20°C
  • 10°C
  • Thu
  • 21°C
  • 11°C
  • Fri
  • 15°C
  • 13°C
  • Sun
  • 18°C
  • 13°C
  • Mon
  • 16°C
  • 11°C
  • Tue
  • 19°C
  • 10°C
  • Wed
  • 16°C
  • 12°C
  • Thu
  • 19°C
  • 12°C
  • Fri
  • 16°C
  • 13°C
  • Sun
  • 36°C
  • 18°C
  • Mon
  • 36°C
  • 22°C
  • Tue
  • 33°C
  • 17°C
  • Wed
  • 32°C
  • 15°C
  • Thu
  • 37°C
  • 18°C
  • Fri
  • 34°C
  • 22°C
  • Sun
  • 34°C
  • 16°C
  • Mon
  • 29°C
  • 14°C
  • Tue
  • 30°C
  • 10°C
  • Wed
  • 29°C
  • 14°C
  • Thu
  • 33°C
  • 11°C
  • Fri
  • 31°C
  • 12°C
  • Sun
  • 34°C
  • 15°C
  • Mon
  • 33°C
  • 17°C
  • Tue
  • 17°C
  • 13°C
  • Wed
  • 34°C
  • 13°C
  • Thu
  • 32°C
  • 16°C
  • Fri
  • 35°C
  • 18°C
  • Sun
  • 21°C
  • 13°C
  • Mon
  • 18°C
  • 10°C
  • Tue
  • 17°C
  • 10°C
  • Wed
  • 16°C
  • 10°C
  • Thu
  • 23°C
  • 8°C
  • Fri
  • 20°C
  • 14°C

PIC failed to act when Ayo issues first raised, inquiry hears

On Wednesday, Lufuno Nemagovhani has told the PIC commission of inquiry that he raised a query in May about the manner in which the R4.3 billion deal was approved.

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

PRETORIA - The head of the Public Investment Corporation (PIC)'s internal audit department says the corporation failed to act when issues were first raised about the controversial Ayo investment last year.

On Wednesday, Lufuno Nemagovhani has told the PIC commission of inquiry that he raised a query in May about the manner in which the R4.3 billion deal was approved.

Now he's been tasked with investigating the matter.

The investment into Iqbal Surve's Ayo Technology Solutions company by the PIC has been flagged as dubious for some time due to a high valuation placed on the stock at its listing.

Nemagovhani says he is responsible for the interim investigation report into the R4.3 billion Ayo investment which resulted in two suspensions this week.

But he says that this isn't a new issue - he has already raised concerns.

Nemagovhani says no due diligence was followed when approving the controversial Ayo investment and revealed that the deal was signed off before the requisite committee met to approve it.

Executive Fidelis Madavo told the commission the investment was passed on his team by former CEO Dan Matjila, while the Business Day is reporting that acting CEO Matshepo More signed off on the investment.

The inquiry will resume next week.

(Edited by Mihlali Ntsabo)

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus