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PIC fires head of listed investments Fidelis Madavo over Ayo deal

Madavo was suspended by the board last year in January on the basis of a preliminary report into the PIC’s investment in listed technology company, Ayo Technology Solutions.

Suspended Fidelis Madavo insists the Ayo transaction was finalized by the CEO’s office and he was not involved as he was outside of the country at the time. Picture: Kgomotso Modise/EWN

The Public Investment Corporation has terminated the employment contract of its executive head of listed investments, Fidelis Madavo.

Madavo was suspended by the board on the basis of a preliminary report into the PIC’s investment in Ayo Technology Solutions.

Ayo has been called into question regarding the sale of shares to the PIC.

After representations from both the PIC and Mr. Madavo, the Chairman recommended that Mr. Madavo be relieved of his duties on the basis of gross misconduct," the PIC said.

The board welcomed the decision and viewed it as "an important step towards efforts to restore ethical behaviour and good corporate governance", the statement added.