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Personal Finance retweeted
IOL News Apr 8
: In another message to , former AYO executive Simphiwe Nodwele says: “Hi Doc, hope you are enjoying the long weekend. How are you keeping up with all this bullshit? I would have a few body bags by now.”
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Personal Finance retweeted
IOL News Apr 8
: In a series of WhatsApp messages between Siphiwe Nodwele and chairperson , Nodwele labels white people such as Magda Wierzycka racists, claiming that he would have put her in a “body bag”.
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Personal Finance retweeted
Business Report Apr 8
Former AYO exec Nodwele testifies before
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Personal Finance retweeted
IOL News Apr 8
Former AYO exec Nodwele testifies before
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Personal Finance retweeted
Business Report Apr 8
WATCH LIVE: Siphiwe Nodwele testifies at
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Personal Finance retweeted
Business Report Apr 8
Former executives Kevin Hardy and Siphiwe Nodwele were aggrieved that they had to report to AYO Technology chief investment officer Abdul Malick Salie.
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Personal Finance retweeted
Business Report Apr 8
Hardy and Nodwele recklessly wanted to place almost R3.2 billion of the capital raised in about four transactions.
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Personal Finance retweeted
Business Report Apr 8
“They were prepared to overpay; they did not wish to have warranties and there are strong suspicions that they may have benefited from such transactions.”
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Personal Finance retweeted
Business Report Apr 8
“It is clear that they were either inexperienced in transactions or had ulterior motives for trying to push some of these transactions through against the advice of the AYO board and investment committee,”
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Personal Finance retweeted
Business Report Apr 8
When the AYO board was reconstituted at the insistence of the PIC to reduce the influence of AEEI and Sekunjalo, the new chairperson of the board, Dr Wallace Mgoqi, insisted that the two executives sign a conflict of interest policy statement.
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Personal Finance retweeted
Business Report Apr 8
...and indicated that due to their forcibly trying to get AYO to acquire overvalued companies, they should subject themselves to a forensic inquiry, in particular for one company
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Personal Finance retweeted
Business Report Apr 8
Sources close to the matter claimed that Hardy and Nodwele were trying to get 9% of the shares in a transaction that AYO was completing.
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Personal Finance retweeted
Business Report Apr 8
After the AYO chairperson indicated that this would be done, Hardy and Nodwele resigned and did not wish to subject themselves to a forensic investigation.
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Personal Finance retweeted
Business Report Apr 8
Hardy and Nodwele allegedly tried to extort from the company a generous settlement well in excess of their remuneration package, according to Survé.
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Personal Finance retweeted
Business Report Apr 8
In statement created by AYO, the recording was verified as being made by one of the former executives of AYO and confirmed that recording was made without the permission of the participants in the meeting.
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Personal Finance retweeted
Business Report Apr 8
The meeting was an informal discussion between senior executives in charge of the various parties to this statement, and despite the recording having been made without their permission, the participants have nothing to hide based on the contents of what was said.
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Personal Finance retweeted
Business Report Apr 8
Hardy and Nodwele resigned the day after they were asked to declare a conflict of interest at a board meeting and were informed that there would be a forensic enquiry into their involvement in acquisitions with inflated values;
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Personal Finance retweeted
Business Report Apr 8
Hardy and Nodwele confuse the role of executives, boards and investment committees. To this end they fail to understand that it is the board that makes acquisition decisions not executives;
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Personal Finance retweeted
Business Report Apr 8
Hardy and Nodwele failed to convince the board (which was reconstituted on the insistence of the PIC with with an independent chairman and subsequent reduced influence of AEEI), that the acquisitions were not inflated or detrimental to the company.
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Personal Finance retweeted
Business Report Apr 8
Hardy and Nodwele were unsuccessful in extorting from the company a generous payout.
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