PIC fires first employee linked to Ayo deal

The Public Investment Corporation (PIC) has confirmed that one of its officials that were involved in the controversial R4.3 billion Ayo Technology deal has been dismissed. 

Victor Seanie, an Assistant Portfolio Manager for listed equities was dismissed, following the conclusion of his disciplinary hearing. 

The public came to learn of his involvement when he was suspended shortly after the PIC Commission of Inquiry began its work in January. The commission was looking into matters of impropriety at the asset manager.

The basis of his suspension was a preliminary report by the PIC’s internal audit division, which found him and the Head of Listed Investments, Fidelis Madavo, guilty of an “a blatant flouting of governance and approval processes of the PIC”. 

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Responding to questions sent by Moneyweb, PIC head of Corporate Affairs Deon Botha said following a disciplinary process chaired by an independent chairperson, Seanie was found guilty of the charges against him, which included breaching the PIC’s internal policies in investment decisions.

“Mr Seanie is one of several senior investment professionals who went through, or are undergoing, internal disciplinary proceedings at this stage,” said Botha.

“The PIC board is fully apprised of disciplinary proceedings against several implicated PIC officials and, like the PIC Commission of Inquiry, concurs with the view that these should proceed,” he added.

More to follow.