Former Chief Investment Officer Siphiwe Nodwele of controversial AYO technologies has described the period in which he worked at the technology company as the most challenging period of his professional career.
Nodwele was giving damming evidence at the commission of inquiry into the PIC on Monday morning.
He has described how unprepared they were when they met the PIC, a strategic investor to AYO for the first time…
“Mr. Chair we were invited to Cape Town to assist with some of the drafting that had to go in for a road show and only once did we arrive in Cape Town was I made aware that we were meeting the PIC on that particular day.”
Nodwele says the AYO and PIC’s R4.3-billion deal was already in its last stages when he joined the organisation and that he could clearly see that AYO had built a company evaluation higher than what it actually was.
Nodwele also told retired judge Lex Mpati he believes he was lied to by senior executives at AYO – that all the groundwork, research, and consultations with other financial services provider’s had been done before the deal was to be signed.
“It was quite evident that Dr. Survey and Khalid Abdulla had instructed him to do whatever it takes to build up the valuation to make sure that the company was R14.8-billion in order to attract the highest possible investment from the PIC.”
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