PIC fires listed equities head Fidelis Madavo over Ayo fallout

PIC media release

The Public Investment Corporation (PIC) has terminated the employment contract of its Executive Head of Listed Investments, Mr Fidelis Madavo. Mr Madavo was suspended by the Board on 22 January 2019 on the basis of a preliminary report into the PIC’s investment in listed technology company, Ayo Technology Solutions. The preliminary report had indicated that governance and PIC approval processes had been disregarded when the transaction was concluded.

Upon receipt of the preliminary report, the PIC instituted a disciplinary process against Mr. Madavo, which was chaired by an independent Chairman, who is also a Senior Counsel. After representations from both the PIC and Mr. Madavo, the Chairman recommended that Mr. Madavo be relieved of his duties on the basis of gross misconduct.

The PIC Board welcomes the decision of the independent Chairman and regards this as an important step towards efforts to restore ethical behaviour and good corporate governance.

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