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Matshepo More details how PIC got in bed with Ayo Technology

The R4.3 billion Ayo Technologies deal was in the spotlight with allegations that the company flouted procedure to secure the deal.

Matshepo More. Picture: thedti.gov.za

PRETORIA – Suspended acting CEO of the Public Investment Corporation (PIC) Matshepo More has told the PIC inquiry that while she signed off on the payment of the Ayo Technology Solutions deal, she did not approve or disapprove of the transaction.

More has been testifying for a second day at the inquiry into alleged impropriety at the PIC.

The R4.3 billion Ayo Technologies deal was in the spotlight with allegations that the company flouted procedure to secure the deal.

More has told the inquiry that on 19 December 2017, she was handed a disbursement memo by her personal assistant who said she had to sign it urgently in her capacity as the company CFO.

She said it had already been signed by other executives including former CEO Dan Matjila.

“Each person is an advisor; so, what you could argue is that it was taken to the approver prior to my signature because I’m also one of the advisors.”

More said her signature did not represent approval.

“I crossed out the word approval or not approval which appeared above my signature in order to make it clear that the purpose of my signature was not to approve nor disapprove. This is so because such power doesn’t lie with me, hence the approval was requested from the CEO.”

More said when she realised that a step in the approval process had been skipped before Matjila could approve, she took it upon herself to ensure compliance and called a portfolio management committee.

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