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PIC employees pressured to get Ayo deal signed, inquiry hears

The inquiry has continued to hear evidence about the dodgy R4.3 billion investment into media mogul Iqbal Survé's Ayo Technologies, with many witnesses pointing fingers at former CEO Dan Matjila.

The commission of inquiry into the Public Investment Corporation (PIC) got underway on Monday, 21 January 2018. Picture: SABC Digital News/youtube.com

JOHANNESBURG - The Public Investment Corporation (PIC) commission of inquiry has heard from two witnesses who claim there was extreme pressure to get the controversial Ayo deal signed.

The inquiry has continued to hear evidence about the dodgy R4.3 billion investment into media mogul Iqbal Survé's Ayo Technology Solutions, with many witnesses pointing fingers at former CEO Dan Matjila.

The commission is investigating a number of dubious transactions and allegations of impropriety.

The former head of risk and compliance at the PIC, Paul Magula, said that Matjila was so desperate to sign the Ayo deal that he even came back from leave to do so.

“Why should the CEO see it so important to come from leave to have this transaction approved?” Magula asked.

Magula said decisions weren't interrogated and committees only existed to rubber-stamp decisions already made by the CEO and CFO.

At the same time, Lebogang Molebatsi, who was recently suspended over the Ayo deal, said the team was under pressure to get the deal signed, saying that he was warned to adhere to Matjila's instructions.

(Edited by Mihlali Ntsabo)

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