South Africa: Dan Matjila Shifts Blame to PIC Deals Team for Controversial Ayo Investment

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Despite market watchers saying that the PIC overpaid for its R4.3-billion investment in the Iqbal Survé linked Ayo Technology Solutions, Dan Matjila believes the investment price was reasonable and based on attractive prospects. However, Matjila said he wasn't involved in the Ayo due diligence process -- his team fulfilled this function.

Dan Matjila, the former Public Investment Corporation (PIC) CEO, has absolved himself of all blame for the asset management firm's decision to invest a cool R4.3-billion in the Iqbal Survé-linked Ayo Technology Solutions, whose investment prospects were based on highly ambitious revenue and profit forecasts.

Instead, Matjila has laid the blame squarely on the due diligence and deals team at the PIC, which manages more than R2-trillion in assets on behalf of the Government Employees Pension Fund and other social security funds.

Despite market watchers saying that the PIC overpaid for its investment in Ayo in December 2017, Matjila believes the price tag was reasonable and based on attractive investment prospects. However, Matjila said he wasn't involved in the Ayo due diligence process -- his team fulfilled this function.

"I don't do due diligence myself. I was merely a CEO and I believed my team. I trust that they...

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