The Johannesburg Stock Exchange has flagged IT company AYO Technology for the late submission of its financial statements.<\/p>\n
In a statement on Thursday (2 January), the bourse said that the AYO failed to submit annual reports within the four-month period stipulated in the JSE’s Listings Requirements.<\/p>\n
Accordingly, the company’s listings on the JSE trading system have been annotated with a “RE” to indicate that they have failed to submit their annual reports timeously and that the listing of the company’s securities is under threat of suspension and possible removal, it said.<\/p>\n
It added that if the company fails to submit its annual reports on or before 31 January 2020 then its listings may be suspended.<\/p>\n
AYO is linked to Iqbal Surve, a South African businessman who was forced to cancel a listing of media group Sagarmatha Technologies in April 2019.<\/p>\n
The company has been implicated in a number of scandals, and was a major focus in the Public Investment Corporation (PIC) commission of inquiry.<\/p>\n
Former minister of finance, Mondli Gungubele, testifying at the commission of PIC inquiry said that a decision to invest R4.3 billion in AYO flouted<\/a> <\/strong>PIC governance and approval processes.<\/p>\n The purchase in December 2017 valued AYO at R14.8 billion, even though its assets were estimated <\/a><\/strong>at the time at R292 million at the time.<\/p>\n
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