Iqbal Survé’s businesses seem uncomfortably incestuous, given that the Financial Sector Conduct Authority (FSCA) is investigating possible share manipulation at all three of his listed companies.
On 19 January this year, a remarkable thing happened to the share price of Iqbal Survé’s controversial AYO Technology Solutions.
After holding steady at just above R22 for three months, the share suddenly collapsed, spiraling to the current level of R9.
Read the storyIt just so happens that 19 January was the day a downside protection agreement with the Public Investment Corporation (PIC) ended. This agreement lasted three months from 19 October and would have penalised AYO if its share price fell below R22.
Dewald van Rensburg unpacks the red flags.
