No red flags were picked up between Ayo and PIC deal: Matjila

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Former Public Investment Corporation CEO Dan Matjila has told the PIC Commission in Pretoria that they could have acted differently had they noticed any red flags in the Corporation’s deal with Ayo Technology Solutions.

Matjila is wrapping up his testimony this week at the commission.

He says due diligence was done on the PIC and Ayo deal and there was no way he would have known that the Pre-Listing Statement from Ayo was misleading and numbers had been manipulated.

Matjila says he is shocked that his colleagues testified before the PIC that they had been forced to sign the transaction.

“How could you uncover that the numbers had been manipulated in the PLS? How is it possible? It’s only until people came here … people who actually worked on the same PLS that they gave us; who never even raised this issue with my team. By the way, I don’t even do the due diligence. I have a team that does due diligence and they advised me and make recommendations to me. If people are conniving in creating this nice-looking PLS … when these people came to this commission they didn’t tell my team before that, we are picking up issues; we are being pressurised so on and so forth, we could have acted differently.”

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