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Dennis George says Fedusa suspension to tarnish his reputation

George has been informed by his union this morning that his special leave has now been turned into precautionary suspension in the wake of allegations that he bought shares in Ayo Technology Solutions without informing the federation.

Fedusa’s general secretary Dennis George. Picture: @Dennis_G1/Twitter

JOHANNESBURG - Fedusa's general secretary Dennis George has told Eyewitness News that he's been placed on precautionary suspension in an attempt to tarnish his reputation.

George has been informed by his union this morning that his special leave has now been turned into precautionary suspension in the wake of allegations that he bought shares in Ayo Technology Solutions without informing the federation.

But George says he has done nothing wrong.

“Everybody has the right to buy shares. There’s nothing wrong with it. You can go and open an account by Edgars. They can investigate me. I think they’re trying to do damage control because they’ve overreacted in the first place. Now they don’t know how to get out of it.”

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

The R4.3 billion investment by the PIC in Ayo Technology is just one of the transactions that has been scrutinised a commission of inquiry.

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. PIC board members have since ordered to recoup billions invested in Ayo.

(Edited by Shimoney Regter)