Top executives leave Iqbal Survé’s tech company as PIC investigates

Iqbal Survé’s tech company Ayo Technology Solutions saw two top executives leave on Friday, following an announcement by the PIC earlier this year that it was investigating its investment in the company.

According to a report in the Sunday Times, CEO Kevin Hardy and CIO Siphiwe Nodwele resigned with immediate effect on 24 August 2018.

Hardy was appointed in January 2018, and no specific reason was given for the resignation.

Naahied Gamieldien, the CFO, would now also act as CEO, stated the report.

The resignations follow controversy over performance at Ayo Technology Solutions, with the company stating the departure of the executives showed it was committed to “corporate governance”.

The report stated that changes to the board were also made, with several board members resigning.

Investment controversy

The PIC, which has invested in Ayo Technology Solutions, stated in May 2018 it was conducting an investigation into its investment in the company to ensure all the proper processes were adhered to.

The PIC told the Sunday Times that it has had “several engagements with the company and are comfortable that governance issues are being addressed”, following the resignations.

This is not the first time the PIC and Survé have come under the spotlight for company dealings, however.

When taking over Independent Media, the PIC invested close to R1 billion in the media company. The report stated that R408 million of this was meant to be paid back on 17 August.

The PIC was also set to give R3 billion to Sagarmatha Technologies, also one of Survé’s companies, to get it listed on the JSE.

Sagarmatha Technologies was set to list on 13 April, but the move did not take place following scrutiny of the deal.

Sagarmatha Technologies owns numerous assets in the media and online marketing space, which includes 95% of news wire agency ANA, 60% of IOL Property, and 100% of Independent Online.

The company also owns 83.3% of Loot Online, with the remaining 16.7% owned by Loot Founders Proprietary Limited.

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Top executives leave Iqbal Survé’s tech company as PIC investigates