I’m mesmerised by the Public Investment Corporation’s case against technology company AYO, currently playing out in the Western Cape High Court. This is an ongoing case, so it’s important to note that evidence is unfolding, and AYO has not yet put up its defence. But so far, it seems to me, the case hinges on an odd notion: is it illegal to make a really stupid investment? I mean, really, really stupid? After all, it’s not as though that hasn’t happened before in the history of investing.
This is all very bad for the PIC because it now looks like a complete, total financial idiot, which is not good for an organisation charged with investing the retirement savings of the public service. Hence, the court case, in which it is essentially trying to clear its name. But I return to my opening question: is it really illegal to make a stupid investment?
But it did. By all accounts, Matjila just bulldozed it through. Seanie testified that the time it took was unusually short, his recommendation was critical of the transaction as proposed, and it was not procedural because the investment committee hadn’t approved it at the time Matjila agreed to the deal.
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JUST IN | Top exec of UK's BT threatened ahead of court appearance in AYO trial | BusinessA top executive of Britain's BT Group – formerly British Telecom – on Thursday testified that he received a threatening phone call before giving evidence in the trial of AYO and the Public Investment Corporation. | News24_Business _Business I'm not surprised. Anything to do with IckyBall is deeply suspect.
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BUSINESS MAVERICK: Ayo warns shareholders that PIC case could materially affect share priceMore than five years later, the Public Investment Corporation is still trying to recover a R4.3-billion investment in Ayo Technology, alleging due process was not followed and Ayo apparently misrepresented key information. The case began in the Western Cape High Court on Tuesday. Iqbal and his skelm cabal already ate that money. They must just ask nicer. The comrade will feel sorry, and then give it back. And won't see a Cent. Indians and blacks. Never see a Cent.
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