It seems as if the Board of the Public Investment Corporation (PIC) has started to take its oversight role to ensure that the PIC makes sound investment choices seriously as the Board has decided to investigate a controversial investment in Ayo Technology, an Iqbal Surve company.
The investment that was approved by a PIC investment committee in December 2017, will now be investigated and may also be reversed.
The FF Plus asked the Minister of Finance parliamentary questions regarding the nature of the transaction as well.
The investment in Ayo was made amid suspect circumstances in December 2017 and was based on a valuation that does not make any sense. That seems to suggest that the investment was approved not because it made financial sense, but because Iqbal Surve is a connected client.
It is time for the PIC to deal very carefully with all investment funds, irrespective of the size of the transaction, seeing as every drop that leaks from the bucket will eventually drain the bucket completely.
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