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Iqbal Survé Iqbal Survé s family holding company is indirectly receiving millions from Ayo Technology Solutions through a secretive new company despite the Public Investment Corporation (PIC) fighting to claw back all Ayo s cash. Assets from Independent Newspapers are also being moved into the new company as the PIC fights to take away Survé s control of his media empire by liquidating Sekunjalo Independent Media. Despite these efforts, the PIC still has no preservation order to secure the R3.2 billion still left of the R4.3 billion it controversially invested in Ayo during the reign of former chief executive Dan Matjila. ....
Audited financial statements for Ayo Technology Solutions were released just before Christmas last year, announcing exciting new investments in cutting-edge technology ventures. A close reading, however, reveals new aspects of Iqbal Survé’s empire and how it is keeping afloat. The R4.3-billion in pension fund money that the Public Investment Corporation (PIC) controversially invested in Ayo three years ago is being steadily dispersed across his existing businesses and to shareholders – before the PIC can close in on him. amaBhungane has in the past revealed the wave of transactions where Ayo, which is listed on the JSE, has used some of this PIC money to do deals that directly and indirectly benefit Survé’s family holding company, Sekunjalo Investment Holdings, and his associates at the expense of the PIC and other shareholders. ....