Published 13 August 2019 by Kabelo Khumalo, Business Report

Former Public Investment Corporation (PIC) chief executive Dan Matjila yesterday hit out at the asset manager’s attempts to recoup the R4.3 billion it invested in the listing of AYO Technology Solutions in 2017.

Matjila told Judge Lex Mpati’s commission into allegations of wrongdoing at the PIC that the lender had not lost any money until he left last year.

“I think it is a suboptimal approach. I mean unless the law has been broken somewhere and the JSE has not done its work in approving the PLS (pre-listing statement), the basis of which an investment was made,” Matjila said.

“I am sure they (JSE) are doing their own investigations around the PLS, because we were fed with a PLS and used that as a basis to invest, so if there are issues around the PLS there has to be a way of unwinding that position, especially now that the cash has not been spent, as far as I could read the numbers.”

In March, a court ruling set aside a controversial compliance notice against the PIC by the Companies and Intellectual Property Commission to recover R4.3bn from AYO. The PIC has since served AYO with a summons demanding it pay back the R4.3bn it invested due to misrepresentation.

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