Abel Sithole, the principal executive officer of the Government Employees Pension Fund, said the PIC didn’t involve or inform it when it made an investment in AYO Technology Solutions in December 2017. The Government Employees Pension Fund (GEPF), whose R1.8tn of government-worker pension funds are managed by the PIC, has suggested that it was blindsided by the fund manager’s decision to invest a R4.3bn in AYO Technology Solutions in December 2017. Sithole on Monday testified that the fund manager didn’t involve or inform it when it made an investment in AYO. AYO is majority-owned by Sekunjalo Investments, which in turn is owned by Iqbal Survé, who is also the chair of the Sekunjalo Group. The Daily Maverick reports that his testimony is another indication that the PIC waived the necessary due diligence and consultative process on some investments, plunging the fund manager deeper into governance scandals. The AYO deal was controversial due to the high valuation it commanded when it listed in 2017 on the JSE, which saw the PIC take a 29% stake at R43/share. When the GEPF asked the PIC about the investment in AYO, Sithole said the 'deed was done, and the horse had bolted' – meaning that the R4.3bn investment had already been made. In another startling revelation, Sithole said the GEPF learned about the PIC’s potential funding of Survé’s technology business Sagarmatha Technologies through media reports. Sagarmatha's funding was subsequently withdrawn.