Share

Survé barking up the wrong tree with questions about AYO, says govt pension fund boss

The Government Employee Pension Fund had no reason to update Sekunjalo executive chair Iqbal Survé about the manner in which the Public Investment Corporation handled its controversial investment into AYO Technology Solutions, head of the fund Abel Sithole told Fin24 on Thursday.

Sithole, who is the GEPF's Principal Executive Officer, was responding to a question regarding Surve’s evidence before the commission of inquiry into the PIC and its governance.

The commission is investigating allegations of wrongdoing at the PIC, which manages R2.2trn in investments on behalf of public servants.

Survé's investments came under scrutiny after AYO listed on the JSE in December 2017, with the PIC subscribing to all its available shares for R4.3bn. Sekunjalo holds a 30% stake in AYO via its subsidiary African Equity Empowerment Investments. 

The group's share price has since plunged from R45 a share to R15 a share, amid allegations that the value of AYO was overstated and that due process was not followed regarding the investment.

'Complete disdain'

Giving testimony before the PIC commission earlier this month, Survé said the PIC and GEPF responded with "disdain" to requests for meetings.

"But I must tell you sitting here today I have – looking at the conduct of the PIC, looking at the conduct of the GEPF, looking at the way they have treated us with complete disdain when we have asked for meetings repeatedly – because if you really care about taxpayers’ money and pensioners’ money the first thing you would do is engage with us, ask us: how do you deal with these issues? Let us give you the solutions to all of these issues.

"They point blank refuse to do this," said Survé, according to an inquiry transcript.

Crossed wires

Sithole told Fin24 that Survé had, perhaps, got his wires crossed, regarding the agents involved in PIC’s decision to invest in AYO Technology Solutions.

"I can’t answer for the PIC. But to the extent that he wants to speak to the GEPF, there is no point in him speaking to the GEPF because the GEPF did not make the investment," said Sithole.

Sithole said he was not only unaware of any recent attempts by Survé to contact the GEPF, but that Survé made no attempt to speak to the GEPF before the PIC investment took place.

"Nowhere in that whole process did he speak to the GEPF. He can reach out to GEPF, but the GEPF itself has nothing to do with AYO," Sithole said.

The GEPF faces considerable exposure via the PIC with regard to some of its more contentious investments, including AYO Technology Solutions and Steinhoff International Holdings.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.3%
Rand - Pound
23.95
-0.3%
Rand - Euro
20.49
-0.1%
Rand - Aus dollar
12.37
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
907.94
+1.2%
Palladium
1,014.30
+1.3%
Gold
2,213.20
+0.8%
Silver
24.81
+0.7%
Brent Crude
86.09
-0.2%
Top 40
68,312
+0.9%
All Share
74,502
+0.8%
Resource 10
57,145
+2.7%
Industrial 25
103,988
+0.7%
Financial 15
16,481
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders