WATCH: PIC backtracks on AYO allegations
CAPE TOWN – The Public Investment Corporation (PIC), reacting to a letter received from AYO Technology Solutions, has backtracked on the allegations made – by its acting executive head of legal, governance and compliance, Lindiwe Dlamini – in Parliament that Sekunjalo Investment Holdings, through AYO, was siphoning PIC-invested funds offshore.
During a question-and-answer session of the Standing Committee on Finance’s proceedings, one of the committee members raised a question directed at the PIC’s investment in Sekunjalo.
The question was raised with concern around allegations that Sekunjalo was in the process of moving its assets or funds offshore. In a statement yesterday, the PIC said that it was aware of the allegations and indicated that it was considering the allegations very seriously.
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The asset manager said it was engaging with relevant stakeholders to determine necessary action to be taken in order to safeguard its rights and assets invested in Sekunjalo through AYO.
AYO chief executive Howard Plaatjes yesterday rejected these claims as baseless, categorically stating that the company’s funds are intact and invested within South Africa.
AYO has disclosed to the PIC where the funds have been invested.
Source: iol.co.za