On Tuesday, January 22, the Public Investment Corporation (PIC) announced the removal of two of its heads. It happened after the preliminary investigation of the deal with the Ayo Technology Solution was completed.
Specialists had to find out if the PIC employees were involved in illegal actions. According to preliminary data of the report, workers of the investment company were very scornful of management processes and work with stuff:
“Employees of the PIC have also been implicated in these irregularities. It is for this reason that the board has resolved to suspend the Executive Head of Listed Investments, Mr Fidelis Madavo and the Assistant Portfolio Manager: Mr Victor Seanie with immediate effect.”
PIC also stated that during the investigation, the company is trying to maintain a high level of corporate governance.