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PIC probing claims that Survé’s Sekunjalo is moving assets abroad

The PIC said it took these claims seriously and would take the necessary precautions to safeguard the funds it invested in Sekunjalo and its subsidiary Ayo Technology Solutions.

A screengrab of Sekunjalo chairperson Iqbal Surve giving testimony at the PIC inquiry on 3 April 2019.

JOHANNESBURG - The Public Investment Corporation (PIC) said it was investigating allegations that Iqbal Survé’s Sekunjalo Group was in the process of moving its assets outside the country.

The PIC said it took these claims seriously and would take the necessary precautions to safeguard the funds it invested in Sekunjalo and its subsidiary Ayo Technology Solutions.

Survé denied this and was threatening to sue the corporation for slander.

The public fight between the PIC and Survé looks set to end up in court.

This week, executives at the corporation told Parliament they were considering applying for an order to freeze Ayo Technology’s assets after suspicions arose that the company might move its funds offshore.

The PIC also said it had contacted the Financial Intelligence Centre and the South African Reserve Bank for assistance.

But Survé denied these allegations and accused the corporation of plotting to destroy him and his business.

Ayo Technology currently owes the PIC a repayment loan of R4.3 billion it received in 2017.

The PIC said it filed papers at the Cape Town High Court and the matter would be heard soon.