JOHANNESBURG – Listed black-owned technology company AYO Technology Solutions (AYO) received a public censure from the Johannesburg Stock Exchange (JSE) along with a R6.5 million fine, according to a Stock Exchange News Service (SENS) announcement on Thursday.
AYO is one of several listed companies that have been slapped with a fine and a public censure by the JSE, however, in the tech firm’s case no fraud was perpetrated but simply because its results did not comply with the International Financial Reporting Standards (IFRS).
AYO said on Thursday that it acknowledged and respected the JSE’s findings that while no fraud was perpetrated, the results did not comply with IFRS, notwithstanding AYO being of the opinion that the relevant IFRS rules could be interpreted differently.
“AYO also concurs that at that time, it failed to observe the highest standards of care in the dissemination of the interim financial information into the marketplace due to a new financial management team and complex acquisition transactions.”
The JSE found that AYO was in breach of certain provisions of its listing requirements. These are: