AYO has nothing to do with PIC CIO suspension

SPECULATION has incorrectly linked the Public Investment Corporation's (PIC) suspension of its chief investment officer (CIO), Kabelo Rikhotso, to its investment in AYO Technology Solutions.

- SIZWE DLAMINI

These matters are quite distinct, and this is a deliberate strategy to use AYO as a distraction.

Rikhotso, CIO in Africa's largest asset manager since May 2022, was placed on precautionary suspension following a whistleblower report alleging misconduct within the PIC. The suspension stems from internal governance concerns raised in that report and makes no reference to AYO.

According to an official PIC statement, the suspension is interim, procedural, and effected under applicable labour legislation and internal policies to ensure a fair, objective, and independent investigation.

“Rikhotso’s suspension follows allegations of misconduct that were levelled against him through a whistleblower report. Effected in line with applicable labour legislation and internal PIC policies and procedures, the suspension is intended to ensure a fair, objective and independent investigation into these allegations.

The PIC’s investment in AYO Technology Solutions, which has been the subject of debate for several years, is a matter entirely separate from Rikhotso’s suspension. This investment, initiated before Rikhotso’ arrival, involved a private placement of shares in AYO’s 2017 initial public offering (IPO).