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After many months, AYO's results still aren't ready

Sep 06 2019 14:56

AYO Technologies still can’t publish the audit of its results for the six months to end-February, the company announced yesterday. This is the third time the company, which is linked to Sekunjalo executive chair Iqbal Survé, postponed the release.

AYO is at the centre of a storm involving the Public Investment Corporation, which invested R4.3bn into the company when it listed on the JSE in December 2017. The PIC valued AYO at  R14.8bn – but the company is currently trading for less than R3bn.

The PIC has since served AYO with a summons to get the money back.

At a commission of inquiry into wrongdoing at the PIC, testimony emerged that former AYO executives were instructed to amend the numbers contained in AYO's unaudited interim results.

In response, the JSE demanded that AYO's external auditors review its interim results "on an urgent basis".

"Shareholders are advised that the abovementioned audit is still not completed and hence are advised to continue exercising caution when dealing in their shares in the Company until the audit is complete," AYO said in a statement.

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