PIC fires head of listed investments for misconduct over Ayo transaction
The Public Investment Corporation (PIC) on Monday announced it had terminated the contract of its executive head of listed investments, Fidelis Madavo.
Madavo was suspended by the board on January 22 2019 “on the basis of a preliminary report into the PIC’s investment in listed technology company, Ayo Technology Solutions,” the PIC said in a statement. “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 statement said the PIC board welcomed the decision of the independent chairman, and regarded it as an important step towards efforts to restore ethical behaviour and good corporate governance.