Published 15 OCTOBER 2019, by Business Report

Cape Town – AYO Technology Solutions chairman Wallace Mgoqi says he is beyond shocked by the allegations made in Parliament on Tuesday that the company is siphoning money offshore and strongly rejects any claims that AYO is engaged in any such activity.

During a parliamentary session on Tuesday the Public Investment Corporation’s (PIC) acting executive head of Legal Counsel, Governance and Compliance, Lindiwe Dlamini, advised that the PIC was looking at instituting court action against AYO with a view to halting the alleged siphoning of funds offshore by the ICT company.

“These comments and allegations are reckless, entirely without merit and wholly inappropriate.  They are downright dangerous,” Mgoqi said in a statement on Tuesday.

“AYO, as any company operating in South Africa today, would need to apply to the South African Reserve Bank to obtain the proper regulatory approval to engage in a transaction of this nature.  AYO has not made any application for Reserve Bank approval nor does it intend to do so.

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