AYO Technology Solutions Limited, one of the largest Broad-Based Black Economic Empowerment (B-BBEE) companies in South Africa, has been at the center of a long-running battle with the Public Investment Corporation (PIC) . The company initially started as a 50-50 partnership between MTN and Momentum Metropolitan Holdings (MMH), with MMH later reducing its stake to 25% before exiting the venture completely .
AYO Technology Solutions Limited (AYO) is a South African technology investment company with interests in disruptive technologies aimed at advancing life, business, and economics . The company started as a 50-50 partnership between MTN and Momentum Metropolitan Holdings (MMH) . Over the last two years, MMH reduced its stake to 25% before completely exiting the venture, leaving MTN as the primary shareholder.
AYO Technology Solutions has faced scrutiny and controversy since its inception. The Public Investment Corporation (PIC) and AYO were involved in a long-running battle over “positive misrepresentations” that led to a controversial R4.3 billion investment by PIC . The battle between the two companies ended after they announced a settlement in March 2023 .
AYO has also faced allegations of corruption, with Chairman Advocate Dr. Wallace Mgoqi publicly challenging anyone to prove that the company is corrupt . The Sekunjalo Group, which owns AYO Technology Solutions, planned a judicial review of the Mpati Commission of Inquiry report that alleged impropriety on the part of the Public Investment Corporation . AYO also faced a public censure and R6.5 million fine from the JSE for misstatements identified in its financial records .
Despite the controversies surrounding AYO Technology Solutions, the company remains one of the largest Broad-Based Black Economic Empowerment (B-BBEE) companies in South Africa .