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"contents": "<p style=\"font-weight: 400;\">Two days after the <span style=\"font-weight: 400;\">Johannesburg Stock Exchange (JSE) suspended Iqbal Survé-linked AYO Technology Solutions for failure to publish its annual report, the company issued a shareholder update. The delay has been attributed to an outstanding </span>Auditors Engagement Quality Review. Who the external auditor is, and why the report is not complete is unclear. Ayo was previously audited by Crowe JHB and Thawt Inc, who were the company auditors for four years as at December 2023. Thawt Inc resigned at the end of October last year and Ayo appointed a new chief financial officer, Valentine Dzvova around the end of November 2024. Her predecessor Pride Guzha has moved on to take up the position of chief executive officer at Sizwe Africa IT Group.</p>\r\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Johannesburg Stock Exchange (JSE) suspended Iqbal Survé-linked AYO Technology Solutions on Wednesday, 26 February 2025, due to the company’s failure to comply with JSE listing requirements, having still not published its annual report for the year ending August 2024.</span></p>\r\n<span style=\"font-weight: 400;\">“In accordance with the provisions of paragraphs 1.6 and 1.7 of the Requirements and Section 12(2) of the Financial Markets Act No. 19 of 2012, the listing of the company’s securities has been suspended with immediate effect,” said the JSE in a brief statement.</span>\r\n\r\n<span style=\"font-weight: 400;\">According to the JSE’s requirements, companies are to submit their annual reports within a four-month period of the end of their financial year.</span>\r\n\r\n<span style=\"font-weight: 400;\">AYO Technology Solutions has delayed the publishing of its financials on multiple occasions, citing the resignation of joint external auditor Thawt Inc. on 30 October 2024, which caused “unavoidable disruptions to the audit process”. </span><span style=\"font-weight: 400;\">\r\n</span><span style=\"font-weight: 400;\">\r\n</span><span style=\"font-weight: 400;\">The company has been under scrutiny for several years, given that its largest shareholder is media mogul Iqbal Survé’s Sekunjalo Investment Holdings, which was found to be the beneficiary of improper monies from the Public Investment Corporation (PIC) by the Mpati Commission in 2018, leading to the termination of services with almost all major banking institutions.</span>\r\n\r\n<span style=\"font-weight: 400;\">The latest delay in publishing its results occurred on 14 February 2025, with AYO stating: “This matter is beyond the direct control of AYO’s management, and AYO takes it seriously to ensure the financial integrity of the results. AYO expects, therefore, to release the audited annual financial statements on or before 28 February 2025.”</span>\r\n\r\n<span style=\"font-weight: 400;\">The PIC invested approximately R4.3-billion into AYO prior to the company being listed on the JSE in 2017, where it subsequently lost about 90% of its value. </span><b>DM</b>\r\n\r\n<em>*This article was updated to include Ayo's shareholder update. </em>",
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