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JSE wants Ayo to open books to external auditors after tampering claims

The move comes after allegations emerged at the Public Investment Corporation (PIC) commission of inquiry that Ayo Technology Solutions tampered with its financials to inflate profits.

Picture: Investment Corporation. Picture: pic.gov.za

JOHANNESBURG – The Johannesburg Stock Exchange (JSE) has demanded that Ayo Technology Solutions open its books to external auditors urgently to look at its interim results.

The move comes after allegations emerged at the Public Investment Corporation (PIC) commission of inquiry that Ayo tampered with its financials to inflate profits.

The commission is investigating claims of impropriety at the PIC.

The JSE said that it wants Ayo Technology's books to be looked at by external auditors on its unaudited results for the past financial year.

Two former Ayo executives, Kevin Hardy and Siphiwe Nodwele, testified at the PIC inquiry about how they were instructed to go to an executives’ house and inflate the company's profits.

Hardy also claimed that the instruction to tamper with the financials came from Ayo shareholder and media mogul Iqbal Surve.

The JSE said that the allegations are a serious concern and has asked for the outcome to be reported to the JSE and the market.

The PIC inquiry has called on the JSE to appear before it and is set to resume on Monday.